Atlanta Prosecutors ‘Actively Investigating’ Ephren Taylor’s Church Ponzi Scheme
The Atlanta Journal-Constitution reports ( http://bit.ly/1bpYwD7 ) First Assistant U.S. Attorney John A. Horn says prosecutors are “actively pursuing” an investigation of Ephren Taylor. He declined further comment.
The Securities and Exchange Commission last year accused Taylor of running a Ponzi scheme by luring worshippers at mostly black churches to invest with his company only to divert the money to fund a lavish lifestyle. He has also been sued by former investors in civil court.
The newspaper reports Taylor could not be reached for comment. In a statement last year, Taylor compared himself to other business leaders who were “crucified” during the economic downturn.
The SEC say he lured “socially conscious” parishioners with promises of can’t-miss investments from the pulpit of Lithonia’s New Birth Missionary Baptist Church and other congregations across the East Coast.