Bishop Eddie Long’s investment partner Ephren Taylor Jr.,has been named in a lawsuit alongside New Birth Missionary Baptist Church in Lithonia, Ga. Ephrem Taylor is trying to set the record straight that neither he nor Bishop Long did anything wrong.
The North Carolina businessman who presented an investment scheme to New Birth’s members that allegedly resulted in 10 church members losing $1 million says he’s taking steps to correct the issue.
The New Birth members claim Long encouraged them to invest in what appears to be a Ponzi scheme. According to the Wall Street Journal, the scheme promised 20 percent annual returns on safe investments. Investors reportedly didn’t know their money was being diverted to a failing company.
“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. “Don’t assume that I am just another greedy businessman. I am taking action to make things right.”
The situation is also growing worse for New Birth, which is under investigation by the U.S. Secret Service and the Internal Revenue Service for issues surrounding the seminars Taylor held at New Birth, according to federal officials. It appears my article: Eddie Long’s Church Is Collapsing, Says Source from earlier this year is starting to come to light.
Will this finally be the watershed moment that the congregation needs? What do you think?