AT2W

Two lawsuits filed this month claim the 29-year-old Ephren Taylor was a con artist who targeted worshippers throughout at least five states on the East Coast since 2004, swindling tens of millions of dollars in a Ponzi scheme.

“He knew if he went to a Christian African-American and said, `I can take your hard-earned investment money, and you’re going to earn more money, but more importantly you’re going to do good for your church and community,’ that they would fall for it hook line and sinker,” said Cathy Lerman, an attorney who sued Taylor in North Carolina.

The allegations have tarnished Taylor, who resigned last year after becoming the chief executive of the holding company City Capital. Worshippers would often be asked to invest in real estate and businesses tied to the holding company.

Taylor said he planned to use his own money to help those who feel “negatively impacted.” He criticized his detractors and compared himself to other financial heavyweights who were “crucified” amid the economic downturn.