A prominent Georgia Republican was running a Ponzi scheme that defrauded 300 investors of at least $140 million, federal officials alleged in a complaint filed Thursday. The civil lawsuit by the U.S.

The Securities and Exchange Commission accused a Georgia Republican of running an elaborate Ponzi scheme in a civil lawsuit filed Thursday that scammed 300 investors out of $140 million. Edwin Brant Frost IV is also accused of pocketing $17 million for himself,

A prominent Georgia Republican accused of running a $140 million Ponzi scheme publicly apologized on Friday as a federal judge ordered his assets frozen and appointed a receiver to try to recover cash for investors.