Secretary of State Brad Raffensperger announced an agreement with Bankers Life Advisory Services and Bankers Life Securities to make victims whole that invested nearly $6.7 million in the alleged First Liberty Building and Loan Ponzi scheme at the recommendation of former financial advisor, Timothy Nathaniel Darnell.  

“I want to sincerely thank Bankers Life for acting with integrity. They as a company chose to do the right thing and help the Georgians who lost everything in this alleged Ponzi scheme orchestrated by First Liberty,” said Raffensperger.  

The agreement comes after it was revealed Timothy Nathaniel Darnell allegedly used his position to draw in more than 40 investors, acting independently without Bankers Life’s knowledge or authorization. 

In total, 46 investors will see their investments made whole, around one-third of the victims who came forward to the Secretary of State’s Office. 

“While Timothy Nathaniel Darnell acted independently without Bankers Life’s knowledge or authorization, our clients come first – and that’s why we agreed to make a monetary contribution to this fund,” said Cheryl Heilman, President of Bankers Life Advisory Services and Bankers Life Securities.

Secretary Raffensperger hopes this is just the first of similar agreements and is encouraging other businesses to follow suit and enter negotiations to repay victims of the $140 million Ponzi scheme. 

“Do the right thing. Let’s work together to get these hardworking Georgians their money back,” he said. 

The agreement was made possible through negotiations with Special Investigative Agent Jason Doss, the Secretary of State’s Office Securities Division, and Alston & Bird. 

“I appreciate the partnership and commitment of Bankers Life Advisory Services and Bankers Life Securities to provide recoveries for their Georgia customers who were victims of the First Liberty Ponzi scheme,” said Noula Zaharis, Assistant Commissioner of Securities for Georgia Secretary of State’s Office. 

The Secretary of State’s Securities Division opened an investigation into First Liberty Building and Loan for their involvement in orchestrating a $140 million Ponzi scheme in July. So far, three emergency orders, which included maximum civil penalties of $500,000, were issued to Brant Frost V, Randy Hough, and Nathaniel Darnell for their involvement in the alleged Ponzi scheme.