First Liberty Ponzi Scheme Victim Invites Others to Gather, Speak With One Voice

One of the largest known victims of the First Liberty Ponzi scheme is inviting others affected by the fraud to come together, saying the time has come for victims to be heard collectively rather than in isolation.

James McMaster, a 93-year-old Hampton resident who lost about $1.3 million, said he plans to host a gathering of First Liberty victims at his home in early March. The goal, he said, is to share information, attend hearings together, and raise questions with state and federal authorities about the pace and direction of the case.

“I’m appealing to you as other victims that let’s gather and maybe we can be one voice with much volume,” McMaster said. “My voice alone is the only one that I’m aware of that has come out and said, ‘Hey, let’s get this guy put away.’ The more voices that we might get, the more that we might be heard.”

Collapse left investors in limbo

First Liberty Building and Loan collapsed in July 2025, leaving investors locked out of accounts and uncertain about the status of their funds. Federal regulators later described the operation as a Ponzi scheme, and assets were seized as part of a civil enforcement action. No criminal charges have been announced to date.

McMaster was previously profiled by The Citizen after the collapse, detailing how the loss upended his financial plans late in life.

‘I thought I was above that’

In that earlier interview, McMaster said he believed he had taken reasonable steps to vet the investment before committing funds. In a recent interview, he again referenced that process — and the realization that it did not protect him.

“Yeah, I thought I was above that,” he said. “Not necessarily so.”

McMaster said he reviewed background information and discussed the opportunity with others before investing. While warning signs may appear clearer in hindsight, he said nothing at the time suggested the scope of deception that would later be revealed.

That experience, he said, is one reason he believes other victims may have been reluctant to speak publicly.

“If you’re embarrassed about it, hey, get over it,” McMaster said. “We need more people who actually put pressure on the FBI, the state attorney general’s office, whomever we could.”

A friend helping organize outreach

Helping coordinate the gathering is Lisa Deveraux, a close personal friend of McMaster, who said she has accompanied him to hearings and assisted with outreach and logistics as the case has unfolded.

“This is about advocating,” Deveraux said. “Everybody still has their own individual attorneys. This group is on a fact-finding mission — where is everything at, what’s being done, and how do we make our voice heard together.”

Deveraux said many victims have remained silent because of shame — something she hopes the gathering will help address.

“One of the things they’re counting on is that if you’re ashamed, you’re not going to come forward,” she said. “There is nothing to be ashamed of here. Nothing.”

She pointed to McMaster’s experience as an example.

“He did his due diligence,” Deveraux said. “He ran a background check. He drove out to the properties. And this still happened. If it could happen to him, it could happen to anybody.”

Legislation adds urgency

The timing of the gathering, Deveraux said, is driven in part by proposed state legislation that could affect how the case is handled going forward.

As previously reported by The Citizen, House Bill 934 would shift oversight of certain aspects of the First Liberty case away from the Georgia Secretary of State’s office and into the purview of the state’s Banking and Finance Commission.

Deveraux said she and McMaster are concerned about the proposal, particularly as some victims have filed civil lawsuits involving financial institutions regulated by that same commission.

“It’s a conflict of interest,” Deveraux said. “How does that even make sense?”

She said gathering victims now would allow them to track the legislation together, attend hearings as a group, and raise questions publicly about how decisions are being made.