Georgia Secretary of State Brad Raffensperger announced on April 1, 2026, that his office had persuaded a securities firm to refund $6.7 million to investors who lost money in an alleged $156 million Ponzi scheme. Bankers Life will repay $6.7 million to 46 investors who had invested in First Liberty Building & Loan through Timothy Nathaniel Darnell.

"Bankers Life, as a company, chose to do the right thing and help the Georgians who lost everything in this alleged Ponzi scheme," Raffensperger said. The refunds come as Raffensperger is investigating losses from First Liberty while seeking the Republican nomination for governor.

First Liberty said it made high-interest, short-term loans to businesses and paid investors up to 16% annual interest, according to company statements. A U.S. Securities and Exchange Commission lawsuit filed last year alleges that Brant Frost IV stole $17 million for himself, his relatives, and affiliated companies and lent millions more that borrowers never repaid, according to court filings.

According to a receiver's report filed on March 23, First Liberty raised nearly $156 million from investors and paid out $89 million in principal and interest, resulting in at least $65 million in losses. The receiver had $5.16 million in cash as of March 23 and was attempting to recoup money from nearly 30 unpaid loans by First Liberty, according to court filings.

Raffensperger's office has issued $500,000 in civil fines against three people. The office also asked prosecutors to consider criminal charges against Brant Frost V, Randy Hough, and Timothy Nathaniel Darnell for allegedly helping solicit money for First Liberty. No one has been charged criminally in connection with the First Liberty case.

Bankers Life, a unit of Indiana-based CNO Financial Group, could have faced liability for failing to supervise Darnell and prevent him from selling investments not approved by Bankers Life. Darnell is president of the Georgia Republican Assembly. Both Frost V and Darnell denied wrongdoing.

The Georgia General Assembly passed a bill allowing the secretary of state's office to collect restitution for victims of securities fraud rather than only imposing fines; the bill awaits the governor's signature or veto. Raffensperger is running in the Republican primary for governor, scheduled for May 19, 2026. Raffensperger refused Donald Trump's demand to "find" votes to overturn Joe Biden's win in Georgia in the 2020 presidential election.