Georgia's Brad Raffensperger showcases Ponzi scheme fight as he runs for governor

Key Points:

• Georgia Secretary of State Brad Raffensperger announced that Bankers Life, part of CNO Financial Group, will repay 46 investors who lost money in First Liberty, a firm involved in an alleged Ponzi scheme operated by former adviser Timothy Nathaniel Darnell.
• First Liberty, accused by the SEC of a $17 million fraud led by Republican activist Brant Frost IV, raised $156 million from investors but left at least $65 million in losses, impacting prominent Republicans and grassroots conservatives.
• Raffensperger's office has issued $500,000 in civil fines and is seeking criminal charges against individuals linked to First Liberty, while also winning legislative support to enhance its power to collect restitution for securities fraud victims.
• The case has significant political implications as Raffensperger, facing a contentious GOP primary for governor, aims to present himself positively to Republican voters despite opposition from Trump loyalists who disapprove of his 2020 election actions.
• Efforts by some state House Republicans to remove securities regulation from Raffensperger's office were defeated, and a new bill empowering his office to collect victim restitution is pending Governor Kemp's approval.