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Alleged Ponzi Scheme Ringleader Ephren Taylor Is “Making Things Right” in Class Action Suit

Ephren TaylorEphren Taylor- Alleged Ponzi Scheme Ringleader Says He’s “Making Things Right” in Class Action Lawsuit
In an interview with The Associated Press, Ephren Taylor has spoken out about what he’s doing to address the lawsuit claims against him by New Birth members and possibly hundreds others. There are 10 New Birth Missionary Baptist Church members that say Ephren Taylor and their pastor Bishop Eddie Long conspired to defraud them through “wealth-building” seminars and sermons in 2009.
“In my case and that of my former company, some of the negative effects of a situation with very complex economics impacted businesses, individuals and families despite our best intentions,” Taylor said in a statement to The Associated Press.
The church members say in a DeKalb County lawsuit that Ephren Taylor Jr. urged them to liquidate their retirement accounts, and as a result some lost their life savings.
“Don’t assume that I am just another greedy businessman,” Taylor said in the statement. “I am taking action to make things right.”
AT2W posted the official press release from the law firm that is asking all victims of Ephren Taylor to submit for inclusion to the class action lawsuit. This press release named Taylor as a defendant in a federal lawsuit filed this month in U.S. District Court in North Carolina. Lawyers in this case say Taylor made a series of investment presentations for the “Prosperity Fund” at churches in Michigan, North Carolina, Pennsylvania and Tennessee.
In the summer of 2008, he spoke at the Democratic National Convention to a youth leaders’ summit on his “socially conscious” corporate investment strategy, according to the federal lawsuit. “Taylor was fortunate to be riding the wave of popularity of young, black, successful men created by then U.S. presidential candidate Barack Obama,” the lawsuit states.
Of course, New Birth spokesman Art Franklin previously declined to comment on the church’s role in the investments.