The Ephren Taylor Ponzi scheme (City Capital Corporation) that preyed upon churchgoers nationwide should serve as a great warning to just how out of hand Affinity Fraud on church members can get.
Ephren Taylor, 31 , was charged in 2012 by the SEC for operating a Ponzi scheme that swindled over $11 million, primarily from African-American churchgoers. Through his “Building Wealth Tour” he delivered faith based investing sales pitches to church congregations , including Bishop Eddie Long’s New Birth Church Missionary Baptist Church in Lithonia, GA, and Joel Osteen’s Lakewood Church in Houston, Texas.
Taylor’s sales pitch, often delivered at Sunday morning services, was so effective that he had no trouble raising millions. Notwithstanding the fact the SEC complaint was filed over two years ago (in which Wendy Connor was also charged) , leading to a judgment in absentia, and the fact that ABC News began investigating the scheme in 2012, Taylor was not located until June 2014.
According the the ABC News Report on Taylor, which is very interesting to watch, Taylor, who had lost some weight and grown some hair, and his wife had been spending their days in Kansas , running a day spa. When employees and other nearby business owners became suspicious about this odd couple that seemed out of place running a massage parlour, they did some quick Google research, figured out who the couple really was and tipped off ABC News, leading to Taylor’s decision to turn himself in to authorities in Kansas City, MO.
The SEC claims that Taylor spent the money on personal expenses to fund a lavish lifestyle and to pay “returns” out to investors to perpetuate the fraud. At the present the victims, many of whom entrusted to Taylor their life savings, are not hopeful that any funds remain.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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