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First Liberty Building and Mortgage, the Newnan-primarily based fully funding firm below investigation as a Ponzi Draw, collapsed somewhat of over six months ago. Since then, it has been below investigation by both federal and yell authorities for defrauding traders of millions. At some level of the technique, the Georgia Secretary of Articulate’s situation of job has made an effort to check with traders regarding any updates regarding the case.

In a contemporary e-mail sent to traders, the situation of job said it had interviewed four key witnesses and used to be continuing to interview extra. Additionally, the e-mail mentioned that original legislation might possibly have an effect on who oversees the investigation at the yell stage.

Dwelling Invoice 934 proposes the motion of the Securities Division from the Administrative heart of the Georgia Secretary of Articulate to the Georgia Division of Banking and Finance. If enacted, the 2 departments will coordinate to transfer data in assert to effectively elevate over the technique of monetary investigations like the First Liberty case.

Some traders have expressed their narrate that the technique of transferring the investigation to a clear department might possibly show hide to be a setback on the investigation itself. For now, traders wait to look for if the invoice shall be handed and if that is the case, how this might have an effect on the investigation that defrauded traders of millions of bucks in life savings.