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The US Securities and Exchange Commission filed a complaint against Edwin Brant Frost IV Georgia And its first building by Liberty Building & Lond, LLC, which claims that the business acted as a pink scheme.
A deed claims that Frost and its company “raised at least $ 140 million with approximately $ 300 through the sale of loans and wexels agreements, which offered an annual profitability of 8% to 18%.
“As of 2021, approximately 80% of the percentage and major payments were received from new investors’ funds, not from payments on the bridge or major repayment,” ” SEC a complaint Claims.
What is the pink scheme? The history of the financial scam that organized Charles Panz
US dollars December 7, 2021 in Istanbul (Ozan Kose/AFP via Getty Images)
SEC allegedly spent frost Funds of investors Out of the most important thing, some of which included more than $ 570,000, buying a $ 20,800 hours and made “more than $ 2.4 million to credit cards issued to him and his entities.”
A The story press He noted that Frost is a Republican.
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The elephant, the Republican Party symbol, the Republican Party Headquarters in Washington on a carpet in the lobby. (Brooks Kraft LLC/Corbis via Getty Images)
“The promise of high -yielding investment is a red flag that must force all potential investors to think twice or perhaps even three times before investing,” said Justin K. Jeffreis, Deputy Director for Office at the Atlanta SEC, reports A press -release.
“Unfortunately, we have seen this movie before or long-term actors who attracts investors with promises, seemingly excessive return-and it does not end well.”
Joshua Macy’s lawyer from Robins Plaka Belinfant Litfield presents frost in this matter, and he submitted Fox News Digital with a statement from Frost, who confessed to mislead people.
Elon Musk calls the social security “the biggest scheme of all times” and peoples “
US bills that burn in London, August 8, 2011. (Tom StoDdart/Getti Image)
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“I take full responsibility for my actions, and I decided to spend the rest of my life, trying to bring back as many people I have misleading and misleading.
“I would like to personally apologize to those whom I caused, but I was under the restrictions that prevent me from doing so. Although I don’t deserve it, I am grateful for the support of friends and family when I face this situation.”
