Posts Tagged ‘IRS’

Former CEO Ephren Taylor Is Being Labeled The ‘Bernie Madoff’ With Black Tones

Bernie Madoff and Ephren Taylor

Former CEO Ephren Taylor Is Being Labeled The ‘Bernie Madoff’ With Black Tones

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.”

Former CEO Ephren Taylor Accused of Targeting Congregants in Five States

Former CEO Ephren Taylor Accused of Targeting Congregants in Five States
Report from BCCN.com
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.

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.

Time to Get On Your Knees: IRS Says Singer R. Kelly Owes Over $800,000 in Back Taxes

courtesy of timeinc.com

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.