Georgia Secretary of State Brad Raffensperger announced Wednesday that some victims of an alleged $140 million Ponzi scheme will be repaid for their lost investments, which he described as a rare outcome in cases of fraud. The agreement with Bankers Life Advisory Services and Bankers Life Securities will return nearly $6.7 million to 46 victims. […]
Georgia Secretary of State Brad Raffensperger announces on April 1, 2026, at the state Capitol in Atlanta that an agreement with Bankers Life Advisory Services and Bankers Life Securities will return nearly $6.7 million to 46 victims, about one-third of investors who have come forward. Alander Rocha/Georgia Recorder
Georgia Secretary of State Brad Raffensperger announced Wednesday that some victims of an alleged $140 million Ponzi scheme will be repaid for their lost investments, which he described as a rare outcome in cases of fraud.
The agreement with Bankers Life Advisory Services and Bankers Life Securities will return nearly $6.7 million to 46 victims. The victims were allegedly drawn into the First Liberty Building and Loan scheme by former Bankers Life financial advisor Timothy Nathaniel Darnell. Darnell was fined $500,000 in February for directing those investors toward the now-defunct First Liberty Building and Loan, a Newnan-based lending firm with longstanding ties to the Republican Party, between 2020 and 2025, but his lawyer indicated they will dispute those claims.
“This agreement means that 46 seniors and hard-working Georgians can begin to recoup their losses. That’s nearly one-third of the victims we have spoken to,” Raffensperger said. “Bankers Life, as a company, chose to do the right thing and help the Georgians who lost everything in this alleged Ponzi scheme. That’s rare in today’s environment.”
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The Secretary of State’s office estimates that the scheme may involve around 300 victims, of which about half have come forward. Many of the victims affected are seniors who may have lost their life savings, Raffensperger said.
“To those who have not yet come forward, I want to speak directly to you. You are not alone. You are not forgotten, and now you have a safe place to step forward,” said 93-year-old victim James McMaster, who invested over $1 million in the First Liberty scheme and spoke alongside Raffensperger Wednesday.
Cheryl Heilman, president of Bankers Life Advisory Services and Bankers Life Securities, said in a statement that the company was not aware of Darnell’s involvement in the scheme and that he acted alone.
“While Timothy Nathaniel Darnell acted independently without Bankers Life’s knowledge or authorization, our clients come first, and that’s why we agreed to make a monetary contribution to this fund,” Heilman said.
The Georgia General Assembly recently passed Senate Bill 284, sponsored by Perry Republican state Sen. Larry Walker, which would allow the Georgia Securities Commissioner authority to repay victims directly. Under current law, the office is largely limited to imposing civil penalties paid to the state.
“I want to also thank today the Legislature for sending SB 284 to the governor’s desk,” Raffensperger said. “If signed into law … I would have the authority to order bad actors to begin to repay the hard-working Georgians who they stole from.”
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