It was a moment of triumph for Georgia Secretary of State Brad Raffensperger on Wednesday, as he announced his office had persuaded a securities firm to refund $6.7 million to investors who lost money in an alleged $156 million Ponzi scheme that victimized some in the top ranks of Republican politics in Georgia and Alabama.
While securities regulation has long been a function of Georgia’s secretary of state, Raffensperger has been showcasing his efforts to investigate losses from First Liberty Building & Loan while simultaneously seeking the Republican nomination for governor.
Raffensperger announced that Bankers Life, a unit of Indiana-based CNO Financial Group, would repay what 46 people had invested in First Liberty through Timothy Nathaniel Darnell, one of the firm’s former financial advisers.
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