Friday, December 2, 2011

Youngest Black CEO, Next Bernie Madoff

Move over Bernie Madoff, there may be a new Ponzi schemer in town. Known as the youngest black CEO of a public company, Ephren Taylor is in a bit of trouble. Take a look at the class action suit against him here.

The Huffington Post reports:
"Earlier this year, some of those allegations surfaced on YouTube where Bishop Eddie Long made an appeal to Taylor to return money to members of his 25,000-member Atlanta mega church, New Birth Missionary Baptist, who had invested money through City Capital Corp., the company for which Taylor previously served as CEO.

According to the Associated Press, Taylor visited the church in 2009 and held a financial seminar supported by Long, and promised church members that he would invest their money in "can't-miss real estate rather than take a risk on Wall Street."

Ten members of New Birth Missionary Baptist are now suing Taylor, the bishop and the church, claiming that Long abused his position and "coerced" his parishioners into investing at least $1 million in Taylor's fund in late 2009.

Taylor is also accused of wire fraud, interstate transportation of stolen property, money laundering, racketeering, violations of the RICO Act and a number of other serious violations, according to the action filed in North Carolina.
What's left to say except....shame on you Ephrem.

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