At 93 years old, James McMaster responded to an interview with striking candor, remarking on his age and the scandal that has embroiled First Liberty, the investment operation founded by Brant Frost IV. McMaster is one of the largest known victims in a Ponzi scheme that has already cost investors over $140 million, with some reports suggesting the total could approach or exceed $200 million. His stark statement, “They all ought to be in shackles,” encapsulates the outrage felt by many affected by the financial fraud.

The unfolding investigation into First Liberty Building & Loan has revealed a pattern of deception, impacting numerous individuals, including an anonymous investor who lost $1.1 million, and shedding light on figures like Jamie Sickert. McMaster’s own journey, built on grit and hard work, makes his victimization particularly poignant.

Born to sharecroppers in Whittier, California, McMaster began working at age 12, learning the restaurant business from a Greek family. In his early 20s, he became a single father, raising his daughter alone, a rarity for the era. He later excelled in the meat-packing industry, progressing from truck driver to plant manager and eventually a corporate shareholder. By the mid-1980s, he participated in a leveraged buyout of a national company boasting over $700 million in annual sales. He retired in his early 50s in 1985, having lived comfortably ever since. Today, he maintains his Hampton acreage, operates a backhoe, grows vegetables, and cares for an elderly horse and his companion cat, all while studying the Bible daily with his 94-year-old sister. His friend, Lisa Deveraux, aptly describes him as “one in a million.”

McMaster, a non-television viewer, primarily listens to WSB Talk Radio. It was on Erick Erickson’s midday show that he repeatedly heard First Liberty’s advertisements and Erickson’s on-air endorsements of the Frost family, presented as a “good Christian family.” Trusting these public figures, he visited First Liberty’s Newnan office, met office manager Jamie Sickert, and had coffee with Brant Frost IV. Although a background check on Frost IV revealed some old infractions, it showed no convictions, leading McMaster to believe everything was legitimate.

Through First Liberty, McMaster invested $1.3 million, approximately 80% of his liquid assets, though it represented only a portion of his total net worth, leaving him financially secure despite the loss. His investments included a mortgage pool, a luxury home project in Highlands, North Carolina, and a loan secured by an assisted-living facility in Athens, which he personally inspected and found to be real. Initially, monthly payments arrived like clockwork, often ahead of schedule, reinforcing his trust. However, in June, he received an email from Sickert announcing the cessation of all loans and operations. The shock was palpable; a nurse struggled to take his blood pressure, which was undeniably high at the thought of losing “One-point-three million.”

The collapse of First Liberty proved to be far larger than initially reported. While early estimates pegged losses at $140 million, with victims emerging across Georgia, Alabama, and South Carolina, the total is now projected to potentially exceed $200 million. The SEC has placed First Liberty into receivership under A. Hill Hayes, whose public filings of Brant Frost IV’s assets included older vehicles, an Aston Martin, and undefined “personal effects,” which victims found to be a stark contrast to the extensive collateral they believed existed. Many, including McMaster, now hold out hope for restitution through litigation targeting banks that processed large wire transfers without proper flagging, drawing parallels to the Madoff recovery model.

McMaster remains realistic yet hopeful about seeking justice. He wants accountability for Frost IV, Frost V, Sickert, and all others responsible, asserting that “They’ve got to pay the price.” His financial goal in his later years was to preserve his principal to support his sister’s care and provide a meaningful legacy for his grandchildren, great-grandchildren, and recently, a great-great-grandchild. The $1.3 million he lost was intended for college funds, safety nets, and a financial foothold for his youngest family members. While he still possesses substantial real estate holdings and can leave “a crumb” behind, he laments the loss of the significant sum he wished to pass on. McMaster continues to work his property, study scripture with his sister, and care for his animals, embodying resilience. As Deveraux noted, “My life is better just knowing someone like him exists.” The urgency for the justice system to act quickly, while McMaster is still here to witness it, is paramount.