Edwin Brant Frost IV, a well-known Republican, is accused of defrauding 300 investors of $140 million, and using some funds for political donations. He said he took “full responsibility.”

Federal officials are accusing Georgia Republican Brant Frost IV of running a Ponzi scheme that defrauded 300 investors of $140 million

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.