Businessman Accused Of Swindling Church Members In Investment Scheme
ATLANTA (AP) — Federal prosecutors say a businessman accused of swindling churchgoers in an investment scheme has been arrested.
Authorities say 31-year-old Ephren Taylor II was arrested Tuesday morning. A grand jury indictment charges Taylor of Overland Park, Kansas with fraud.
Taylor’s accused of convincing churchgoers in Georgia and across the country to invest in small businesses and using the money to fund a lavish lifestyle.
The Securities and Exchange Commission in April 2012 filed a complaint accusing Taylor, former chief executive of North Carolina-based City Capital Corporation, and another former City Capital executive of defrauding investors out of more than $11 million.
A federal judge ordered City Capital to forfeit $11 million in profits and nearly $1.5 million in interest and civil penalties.
It’s unclear if Taylor has an attorney.
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