Chattanooga accountant Jonathan Frost and his CPA firm, Croft & Frost, were accused Friday of massive fraud in an Illinois lawsuit, and the attorneys are seeking class action status on behalf of clients and others who allegedly lost tens of millions of dollars to investment schemes.
Alexander Loftus and Ross Good, the attorneys who filed the lawsuit, said in the complaint that Frost and his business partner, Paul Croft, over-promised and under-delivered. They allegedly sold about $50 million in purported clean energy and real estate investments, but only about $1.2 million found its way into actual investments.
Cook County, Illinois Circuit Court / This image was included in the lawsuit against Jonathan Frost and Paul Croft with the comment, “Croft and Frost both over-promised and under-delivered. The result of their hubris and grandiosity was a failed business that left hundreds of investors in the lurch.”The remaining funds allegedly went to propping up Frost and Croft’s other businesses and maintaining their extravagant lifestyles, the lawsuit states.
“The result of their hubris and grandiosity was a failed business that left hundreds of investors in the lurch,” the lawsuit states.