Jayme Sickert, the Director of Compliance at First Liberty Building and Loan- a non-bank lending firm based in Newnan currently under FBI investigation- previously held a crucial role in another collapsed investment company with similarities to First Liberty. Sickert formerly served as the National Sales Director of the Atlanta-based Cornerstone Ministries Investments (CMI), a Christian-based real estate investment firm that went bankrupt in 2008 and was then investigated. He was also a registered representative for Wellstone Securities, a tightly connected brokerage firm affiliated with CMI. 

Wellstone Securities functioned as a distribution and sales arm for CMI securities, enlisting agents and advisors to market CMI investment products.. While the two companies were intertwined, most investors did not realize that when they were investing in CMI they were working with Wellstone Securities as the broker-dealer.

The investments made through CMI were high-risk and exhibited Ponzi-like characteristics, as funds from new investors were being allegedly used to pay returns to earlier ones Though CMI had been insolvent for years, it continued to sell securities through Wellstone- an operation in which Sickert played a key role.

Sickert allegedly profited hundreds and thousands of dollars from these transactions. According to the bankruptcy filings, he insisted that investors convert their CMI holdings into brokerage accounts, under the pretense that this was the safest option for their investments. These accounts were opened through Wellstone Security, from which Sickert received commissions of up to 4% from each bond renewal. With every conversion, Sickert increased his own financial benefit.

This dual-role raised concerns about a conflict of interest. According to the bankruptcy court documents, Sickert was able to act as an insider for both companies in a way that may have been deceitful to clients.

“As an insider of Cornerstone, he had a duty to the corporation to maximize the amount of money raised from each purchase. As a registered representative of Wellstone Securities, he had a personal motivation to decrease the amount collected by Cornerstone to the tune of his

5% commission,” the document stated.

Sickert was later named in civil suits after the company’s collapse, facing allegations of breach of fiduciary duty, fraud, securities fraud, negligent misrepresentation and fraudulent transfer. While no criminal charges would be brought against him, civil settlements were reached.

Now, questions are resurfacing about Sickert’s past in light of First Liberty Building and Loan’s collapse. One of these being: What does the hiring process look like for First Liberty that allowed Sickert to be hired despite dubious history in the investment industry? As both the Georgia Secretary of State office and FBI investigate the company’s failure and uncertainty regarding clients’ funds, Sickert’s involvement will likely face scrutiny- particularly due to his controversial history.