NEWNAN, Ga. - Edwin Brant Frost IV has been sentenced to 15 years in federal prison for operating a massive Ponzi scheme that victimized more than 300 investors and caused a loss of over $76 million. 

Beware of scams impersonating FDIC/OIG Personnel. Scammers might use the FDIC or FDIC OIG’s seal or logo to make their demand for funds appear to look legitimate. 

Join FDIC OIG’s Chief of Staff and one of our Special Agents in Charge as they discuss impersonation scams: what they are, how to identify them, and how to best protect yourself and others from falling victim to them.

In Spring 2023, the FDIC responded to three of the largest bank failures in FDIC history with the unanticipated rapid liquidity failures of Silicon Valley Bank, Signature Bank of New York, and First Republic Bank.

Community Bank & Trust’s failure occurred due to deficient management and Board oversight of its aggressive growth strategy and its rapidly deteriorating asset quality, which depleted its capital.

The OIG has posted two alerts and a video highlighting the dangers of Pig Butchering Schemes—both to consumers and banks alike.