Victims of what is being called a $140 million Ponzi scheme aimed at Christians and “America First MAGA patriots," are eagerly hoping for a return of their money, reports ABC News.
The report notes that a federal receiver is seeking the millions that "benefited some Republicans in the top ranks of their party in Georgia and Alabama," although some of them are claiming they lost money too.
At the center of the scandal is First Liberty Building & Loan, had promised investors up to 16% in profits based upon making high-interest loans to businesses which did not materialize.
According to the report, advertising for First Liberty was "pitched on shows hosted by conservatives including Erick Erickson, Hugh Hewitt and Charlie Kirk."
One victim, Michael Tinney, 59, of Cedartown, Georgia, had $600,000 invested and now is admitting, "I worked my whole life to build up savings and have a little bit of retirement so I could just live comfortably."
The ABC report notes that federal receiver S. Gregory Hays, warned, "The investors are going to have substantial losses here.”
Alabama Republican state Auditor Andrew Sorrel admitted he is also a victim, explaining, “The company had marketed itself through conservative channels as a ‘patriotic’ and ‘Christian’ investment opportunity,” before lamenting he is undergoing a “tough lesson.”
You can read more here.