U.S. dollars Dec. 7, 2021, in Istanbul (Ozan Kose/AFP via Getty Images)
The SEC alleged Frost spent investor funds in various ways, some of which included making more than $570,000 in political donations, buying a $20,800 watch and making "over $2.4 million in payments to credit cards issued to him and his business entities."
The Associated Press indicated that Frost is a Republican.
KEVIN BACON IS ‘MORE CAREFUL’ AFTER LOSING MONEY IN INFAMOUS PONZI SCHEME
U.S. bills burning in London Aug. 8. 2011 (Tom Stoddart/Getty Images)
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"I take full responsibility for my actions and am resolved to spend the rest of my life trying to repay as much as I can to the many people I misled and let down. I will be cooperating with the receiver and federal authorities and ask that everyone allow the receiver time to sort things out and do his best to repair the damage I created," Frost noted in the statement.
"I would like to apologize personally to those I have harmed, but I am under restrictions which prevent me from doing so. While I do not deserve it, I am grateful for the support of friends and family as I confront this situation I created."
Alex Nitzberg is a writer for Fox News Digital.
https://www.foxnews.com/politics/georgia-man-accused-sec-perpetrating-ponzi-scheme-says-he-takes-full-responsibility-his-actions