Edwin Brant Frost IV, a well-known Republican, is accused of defrauding 300 investors of $140 million, and using some funds for political donations. He said he took “full responsibility.”

The firm has come under fire after federal officials accused founder Brant Frost IV of running a Ponzi scheme and improperly using investor funds to make more than $570,000 in political contributions.

Federal officials are accusing Georgia Republican Brant Frost IV of running a Ponzi scheme that defrauded 300 investors of $140 million