Seniors across Georgia are facing financial devastation after losing their life savings in what state officials are calling the largest Ponzi scheme in Georgia history.

$140 million Ponzi scheme

The scheme, tied to First Liberty Building and Loan, is now under investigation by the Georgia Secretary of State's office, which says more than $140 million vanished in the fraud.

For Phillip and Nikki Mason, retirement was supposed to mean comfort and stability.

"I figured we'd do what we want to do and not have to, you know, not constantly be responsible for something else," Phillip Mason said.

To help secure their future on a fixed budget, the Masons turned to investing. Phillip's son, already an investor with First Liberty, introduced him to the firm's president, Brant Frost.

"My son told him, 'Look, my dad wants to come in and he's looking for an investment and we want to make sure it's safe and we can't take any risks,'" Mason recalled. "So Brant told him, 'If my dad was still alive, this is what I'd invest in.'"

But the promise of stability collapsed with a letter announcing that First Liberty was shutting down.

"We got the letter saying they completely closed down, not to contact them," Mason said.

The investment turned out to be part of a massive Ponzi scheme, leaving not only Phillip and Nikki with nothing, but also their son and younger family members.

"They're in their thirties, they have two small children," Nikki Mason said. "He took everything he had; he was going to put it in the house, and he lost it."

They are not alone. State officials say at least 150 victims, many of them seniors, were caught in the scheme.

"We realized that there were numerous investors and more importantly, many of our investors were seniors, well into their retirement, and put all of their retirement and additional assets into this investment and lost everything," said Noula Zaharis, assistant commissioner of securities.

The Secretary of State's office is now digging through financial documents, issuing subpoenas, and tracking the movement of money in an effort to recover stolen funds.

"We want to make sure that we capture everything so that everyone that—as many people that were harmed—can get some type of justice," Zaharis said.

Ponzi scheme hits multiple states

The investigation stretches beyond Georgia. Victims have been identified in at least 14 other states. Officials have set up a page on the Secretary of State's website where potential victims can submit their contact information. They are also urging anyone who received money from First Liberty to come forward to the court-appointed receiver.

Investigators say First Liberty donations went to several political campaigns, including Secretary of State Brad Raffensperger's. He has since returned the money and encouraged other politicians to do the same to help reimburse victims.

Meanwhile, the receiver handling the case has asked a judge for permission to sell the First Liberty building and three luxury cars, with proceeds going toward repaying investors.

For families like the Masons, who lost both retirement savings and money meant to help the next generation, recovery may take years.