Lerman Law Firm Applauds Justice Department for Arresting and Indicting Alleged Ponzi Schemer Ephren Taylor II on Fraud Charges

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Cathy Jackson Lerman, PA today is praising the Department of Justice for arresting and indicting Ephren Taylor II, the alleged Ponzi schemer and leader of the “Building Wealth Tour.” Taylor and co-defendant Wendy Connor were arrested on a federal indictment charging them with defrauding investors across the country of more than $5 million.

We hope justice is finally coming for the hundreds of innocent, God-fearing people who were robbed of their life savings by Ephren Taylor.

Cathy Jackson Lerman, PA today is praising the Department of Justice for arresting and indicting Ephren Taylor II, the alleged Ponzi schemer and leader of the “Building Wealth Tour.” Taylor and co-defendant Wendy Connor were arrested on a federal indictment by the U.S. District Court for the Northern District of Georgia Atlanta Division charging them with defrauding investors across the country of more than $5 million.*

“We hope justice is finally coming for the hundreds of innocent, God-fearing people who were robbed of their life savings by Ephren Taylor,” said Cathy Jackson Lerman. “While these men and women may never reclaim the money that was taken, knowing that Ephren Taylor will finally be held to account for his crimes is truly priceless. With their arrest today, the Department of Justice answered the prayers of the Ephren Taylor victims that he would eventually be brought to justice and that they will get their day in court.”    

A self-described “minister,” “social capitalist” and the “youngest African-American CEO of a publicly traded company,” Taylor allegedly swindled hundreds of people in a series of brazen Ponzi schemes. Many victims lost their entire life savings after entrusting Taylor with funds*** after he visited their church congregations and promised guaranteed financial returns in ventures that he claimed would also benefit the individuals’ churches, their local communities and the less fortunate.**

Taylor was indicted by a federal grand jury on June 10, 2014. The case is being investigated by the United States Secret Service and Internal Revenue Service Criminal Investigation, and being prosecuted by Assistant United States Attorney Christopher J. Huber, according to a Justice Department press release sent out today.****

Together with a team of lawyers, including the Snyder Dorenfeld law firm in Los Angeles represented by attorneys David Dorenfeld and Michael Brown, Lerman previously filed a class action lawsuit against Taylor in 2012. The same year, the Securities and Exchange Commission also charged Taylor, City Capital Corporation and its former Chief Operating Officer Wendy Connor with “prey[ing] upon investors’ faith and their desire to help others” by “running a Ponzi scheme that targeted socially-conscious investors in church congregations.

Targeting mostly African-American members of churches and religious organizations all across the United States, Taylor was accused of using upwards of 50 shell companies that he controlled for nearly a decade to perpetrate religious affinity fraud. Most of the “investments” Taylor sold to victims were never actually made, severely undervalued or entirely fake.*****

About the Lerman Law Firm

Cathy Jackson Lerman, PA provides legal services in a variety of diverse matters to individuals, companies, and business owners/entrepreneurs.

*Feds: Adviser who pitched investments to Georgia churchgoers arrested, 6/17/14, ajc.com/news/business/feds-man-who-pitched-investments-to-georgia-church/ngMns/
**'Youngest-ever black CEO' charged with fraud, 4/12/12, money.cnn.com/2012/04/12/markets/ponzi-scheme/
***Alleged Church Ponzi Schemer Arrested on Federal Fraud Charges, 6/17/14, abcnews.go.com/US/alleged-church-ponzi-schemer-arrested-federal-fraud-charges/story?id=24182271&singlePage=true
****Ephren Taylor, II, Leader Of “Building Wealth Tour,” Arrested On Fraud Charges, 6/17/14, justice.gov/usao/gan/press/2014/06-17-14.html
*****Ephren Taylor Accused of $11 Million Christian Ponzi Scheme by SEC, 8/21/13, abcnews.go.com/US/ephren-taylor-accused-11-million-christian-ponzi-scheme/story?id=20030745&singlePage=true

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