Secretary Raffensperger Urges House Passage of SB284 Following Third Order and Criminal Referral in First Liberty Fallout

Atlanta - Republican Secretary of State Brad Raffensperger is urging the Georgia House of Representatives to take action on Senate Bill 284, giving the Georgia Securities Division greater powers to pursue bad actors, and direct fines and penalties from fraud cases to the victims of financial fraud. Unless the Georgia House passes SB284, any fines resulting from the First Liberty Building and Loan investigation would go to the state, not the victims of the alleged Ponzi scheme.

On Thursday, the Georgia Securities Division, overseen by Secretary Raffensperger, issued its third order and criminal referral in the First Liberty case. The order imposes a $500,000 fine against Randy Hough, a development officer for First Liberty. Hough will have 30 days to request a hearing in this matter.

“Many hardworking Georgians have suffered incredible financial losses, and we’re committed to pursuing accountability and swift justice. Our office has issued $1.5 million in fines that, if upheld through the judicial process, could be going directly to the victims,” said Raffensperger. “We urge the Georgia House to grant the Securities Division greater authority to hold bad actors accountable, and ensure the passage of SB284.”

 

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