SEC Files Suit In Affinity Fraud Aimed At Socially Conscious Church-Goers

The Securities and Exchange Commission announced Thursday that it had filed a federal lawsuit in Atlanta against Ephren W. Taylor, II, the operator of an $11 million Ponzi scheme that targeted socially conscious African-American church-goers.  The complaint (full text) in Securities and Exchange Commission v. City Capital Corp., (ND GA, filed 4/12/2012) alleged in part:

Taylor strenuously cultivated an image of a highly successful and socially conscious entrepreneur. Marketing himself as "The Social Capitalist," he touted equally his status as the youngest black CEO of a public company and the son of a Christian minister who understands the importance of "giving back.".... Taylor conducted a multi-city "Building Wealth Tour," on which he spoke to church congregations – including Atlanta’s New Birth Church – or at wealth management seminars featuring other speakers.

Christian Post reports on the case.