MONTGOMERY, AL — Alabama Secretary of State Wes Allen has issued a directive to all political entities in the state to return any contributions tied to an alleged multi-million-dollar investment fraud scheme now under federal scrutiny.
The U.S. Securities and Exchange Commission (SEC) has filed a federal lawsuit against Edwin Brant Frost IV and First Liberty Building & Loan LLC, along with affiliated entities, alleging fraudulent financial activities. In light of these developments, Secretary Allen is urging any Alabama-based political group or campaign that received contributions associated with the defendants to return those funds to the court-appointed receiver overseeing the case.
“I take allegations of financial fraud seriously, especially when that fraud bleeds into campaign finance,” said Allen. “I encourage any Alabamians who have been involved to cooperate fully with law enforcement, including the SEC and our Alabama Securities Commission to ensure that the victims who have been misled may be made whole.”
The federal receiver managing the recovery and redistribution of funds is S. Gregory Hays of Hays Financial Consulting, LLC. Political entities that need to return contributions can contact:
S. Gregory Hays, Receiver
First Liberty Building & Loan & Related Entities
c/o Hays Financial Consulting, LLC
2964 Peachtree Road, Suite 555
Atlanta, GA 30305
Phone: (404) 926-0060
Website: https://cases.stretto.com/firstliberty
Allen’s directive comes as state and federal authorities continue to investigate the extent of the fraud and its impact across multiple states.
