Prosecutors are seeking 14 years in prison, arguing that Frost’s conduct caused major losses and harmed investors, including seniors and retirees. Frost, 69, faces sentencing before U.S. District Chief Judge Leigh Martin May. His plea was entered in May.

About 80 letters from relatives and supporters have been submitted to the court urging a lighter sentence. Frost’s lawyers describe him as remorseful and ask the judge to consider alternatives that would allow him to work and make restitution. The defense filing says he has been deeply affected by victims’ statements.

Investors who submitted statements described lost savings and reduced trust in others. One investor said the impact was not only financial but also left them more wary of people generally. Another said delayed payments stretched on for years.

First Liberty marketed investment products promising returns as high as 13%, according to court filings. Prosecutors say Frost used new investors’ money to cover obligations to earlier investors as the company’s loans ran into trouble, while concealing its financial problems. The company was not a federally insured bank, despite marketing that prosecutors say could have led investors to misunderstand the risks.

The government also alleges that funds were diverted to personal expenses, political contributions and businesses connected to Frost’s family. First Liberty shut down in 2025, and a court-appointed receiver is continuing efforts to recover assets for investors.

Frost pleaded guilty to one wire-fraud count, which carries a maximum sentence of 20 years. The judge will decide the sentence after weighing the government’s request, the defense’s arguments and the harm described by victims.