Ponzi Scheme Unravels: $140 Million Lost Amid Political Connections
A federal receiver is recovering $140 million lost in a Ponzi scheme that benefited Georgia and Alabama Republicans. Funds were misappropriated, leading to significant losses for investors, including political figures. Investigations and legal proceedings continue, with notable political and financial implications amid demands for accountability.
- Country:
- United States
A federal receiver is working to recover $140 million lost in an alleged Ponzi scheme benefiting Republicans in Georgia and Alabama. The investigation targets nearly 1,000 political donations exceeding $1 million, often supporting far-right insurgents.
Some involved politicians claim to be victims too, with others left financially harmed by First Liberty Building & Loan, touted as an investment opportunity for Christians and 'America First MAGA patriots.' High-profile endorsements from conservative hosts fostered credibility, leading to substantial investments from individuals like Michael Tinney, who lost $600,000.
First Liberty promised lucrative returns but mismanaged funds. A court-appointed receiver is now trying to claw back assets, including foreclosures on defaulted borrowers' collateral and auctioning luxury items. Investigations are ongoing, with some political figures facing scrutiny over campaign contributions, demanding accountability and restitution.
(With inputs from agencies.)
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