A prominent Georgia Republican accused of running a $140 million Ponzi scheme publicly apologized on Friday as a federal judge ordered his assets frozen and appointed a receiver to try to recover cash for investors.

Edwin Brant Frost IV, a well-known Republican, is accused of defrauding 300 investors of $140 million, and using some funds for political donations. He said he took “full responsibility.”

The U.S. Securities and Exchange Commission accuses Georgia man Edwin Brant Frost IV and his First Liberty Building & Loan, LLC, of a Ponzi scheme.