First Liberty Building & Loan Investors Encouraged to Explore All Potential Recovery Options

Contact the Law Firm of KlaymanToskes for a Free and Confidential Consultation to Discuss Pursuing a Potential Recovery of Your Losses

National investment loss and securities law firm KlaymanToskes is investigating potential recovery claims on behalf of investors who purchased investments in First Liberty Building & Loan through financial advisors or insurance professionals. Investors who suffered significant losses in First Liberty Building & Loan are encouraged to contact KlaymanToskes at 888-997-9956 for a free and confidential consultation to discuss potential recovery options.

Federal regulators have alleged that First Liberty Building & Loan and its founder, Brant Frost IV, operated a $140 million Ponzi scheme (Case 1:25-cv-03826-MLB). A consent judgment has been entered in connection with the alleged fraud.

One North Georgia investor, a 73-year-old widow, reportedly lost her entire $50,000 life savings after investing in First Liberty through an insurance and securities professional, Timothy Nathaniel Darnell. Three additional investors reportedly invested $50,000 each, bringing the group’s total losses to approximately $200,000. According to FINRA BrokerCheck, Darnell had been affiliated with Bankers Life Securities, Inc. for several years before his termination in September 2025.

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Investors who purchased First Liberty investments through a financial advisor or insurance agent may be entitled to pursue recovery through FINRA arbitration claims against their brokerage firm for failure to supervise, unsuitable investment recommendations, and selling away.

“Selling away” occurs when a financial advisor recommends or sells investments that are not approved or supervised by their brokerage firm. Brokerage firms may still be held liable if they failed to reasonably supervise their registered representatives. Under Financial Industry Regulatory Authority (FINRA) rules, brokerage firms are required to monitor outside business activities and private securities transactions.

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