Fayette County School Board Vice Chair and others receive subpoenas in First Liberty investigation 

Georgia’s Secretary of State, in coordination with the U.S. Securities and Exchange Commission (SEC), has issued subpoenas as part of the ongoing investigation into First Liberty Building and Loan, the Newnan-based lending firm now exposed as a Ponzi scheme. The firm is alleged to have defrauded investors of over $140 million throughout its duration.

Among those subpoenaed are Randy Hough, a senior development officer for the company and the current District 1 representative on the Fayette County School Board, as well as Jayme Sickert, First Liberty’s compliance officer.

When previously contacted by The Citizen for comment regarding his involvement with First Liberty, Hough simply replied, “No can do.”.  However, under the pressure of state and federal scrutiny, he will now be required to appear in court alongside other key individuals in the investigation, including Sickert.

Hough was first elected to the Fayette County School Board in 2020 and re-elected in 2024. Following his re-election, he was appointed as the Vice Chair of the board. 

The Frost family donated tens of thousands of dollars each year to political candidates and organizations in various states that reflected their values, including more recent donations to McKay for Senate, Working for America Inc., and the Georgia Republican Party. The Receiver who is leading the investigation estimates that the Frost family used over a million dollars of investor funds for campaign donations.  According to the donation records, there were no donations linked to Hough’s school board campaign. 

 Hough’s political views on the board have aligned closely with the conservative values often promoted by First Liberty, as seen on his campaign Facebook page. As of now, his position on the board remains uncertain.

Jayme Sickert, meanwhile,  has a documented history of alleged financial misconduct. Prior to this time at First Liberty, Sickert had ties to a different investment company that was investigated, Cornerstone Ministries Investments. In that case, he faced allegations of breach of fiduciary duty, fraud, securities fraud, negligent misrepresentation, and fraudulent transfer. Despite his past involvements, Sickert was later hired as a compliance officer at First Liberty. 

Both Hough and Sickert are now required to turn over any documents in their possession related to First Liberty’s operations and financial documents as part of the subpoena.

The investigation continues to unravel as a large fraudulent investment scheme leading back to the Frost family and their dealings that led to profiting millions of dollars off of investors’ money. As of now, the only individual facing potential criminal charges is Edwin Brant Frost IV, but the investigation will continue to seek those at fault and bring justice to the victims.