Former CEO Ephren Taylor Is Being Labeled The ‘Bernie Madoff’ With Black Tones
Original post from Dec. 25, 2011:
This is an interesting analogy of the scandalized former CEO and self proclaimed entrepreneur, Ephren Taylor. Things are piling up upon the case against Taylor and he’s looking more and more like the downgraded Bernie Madoff.
Read report below:
The case against Ephren Taylor is mounting, and it’s starting to sound increasingly similar to that of notorious Ponzi schemer Bernie Madoff, as hundreds of alleged victims come forward to join a class action against the “youngest African American CEO of a public company.”
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.
“Don’t assume that I am just another greedy businessman,” Taylor said in the statement. “I am taking action to make things right.”
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.
Time to Get On Your Knees: IRS Says Singer R. Kelly Owes Over $800,000 in Back Taxes
Singer R. Kelly has been ridiculed with bad news lately and its definitely time to seek God and get to praying to Him about his life.
Nearly two weeks ago, R. Kelly’s Chicago mansion was faced with a possible foreclosure by Chase Bank. Though he was stated he allegedly held payments in order to get it refinanced, but the mortgage company did not choose to do so in this case.