A retired Vietnam veteran reportedly says he lost $750,000 in a Ponzi scheme led by a firm that said it would use the funds to promote conservative values around the world.
Thomas Todd, a retired electrician, said he invested in First Liberty Building & Loan so that he could use the returns to fund Christian missionaries around the world, WSB-TV reports.
Todd said he was promised a 13% annual return on his investment by the firm’s owner, Edwin Brant Frost IV.
However, the U.S. Securities and Exchange Commission (SEC) later said that Frost embezzled the funds and spent them lavishly, purchasing luxury goods like rare coins, jewelry and political donations, referring to his model as a Ponzi scheme.
Frost purchased a $20,000 Patek Philippe watch, and also donated a staggering $570,000 to an unspecified political cause.
As stated by Todd, according to the report,
“I like to deal with people [of] faith and support them… They knew what we were doing and what we were about, I pray for their well-being. I pray [for] their ability to see what they’ve done and repent, and do the right thing.”
The report says that so far, this is still a civil matter and no criminal charges have yet been filed.
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