Raffensperger appoints attorney to lead probe of alleged $140M Ponzi scheme

Georgia Secretary of State Brad Raffensperger named the attorney to head the investigation of First Liberty Building & Loan, the company accused by federal regulators of running a $140 million Ponzi scheme.

Jason Doss, a veteran securities fraud attorney, will lead the probe in the lender with connections to GOP leaders.

“Throughout my career, I’ve been a fierce advocate for all Georgians,” said Doss in a news release. “I’m grateful for Secretary Raffensperger’s trust as we pursue accountability and uncover the facts surrounding First Liberty.”

Raffensperger, who is running for governor, has been met with resistance from a group of Georgia House Republicans, who introduced legislation to prohibit Raffensperger’s office from overseeing securities and commodities. The duty would be transferred to the Georgia Department of Banking and Finance if the legislation passes.

House Majority Leader Chuck Efstration defended the legislation as common sense and not an effort to hurt the investigation.

“It makes sense for the Department of Banking & Finance to regulate securities and conduct investigations,” he told the Atlanta Journal-Constitution. “This department already provides consumer protection and regulates other financial and lending entities.”

Doss will serve as the Investigative Agent for up to a year and will submit findings and recommendations to Raffensperger.

“Justice – not politics – must be served,” Raffensperger said in a news release. “I will continue to stand up for hardworking Georgians who have been victimized.”