June 24, 2014
Current Events
Ephren Taylor, a former financial advisor to Long’s megachurch and other institutions, surrendered to federal authorities last week on charges of being a Ponzi schemer. According to a press release from the Department of Justice, the 31-year-old Taylor and a business partner are charged with “defrauding investors across the country of more than $5 million.”
For years, Taylor went around the country speaking to churches as part of his “building wealth tour,” bringing in large amounts of money for himself. “Taylor crisscrossed the country touting wealth management seminars and followed-up with private meetings with interested investors,” the Justice Dept. said. “Some congregants from some of the most prominent megachurches, including Bishop Eddie Long’s New Birth Missionary Baptist Church and Joel Osteen’s Lakewood Church in Texas, turned over their life savings to Taylor.”
Taylor’s involvement with New Birth came in October of 2009, when Bishop Long offered a rousing and emphatic introduction of Taylor to his congregation, describing him as “my friend, my brother, the great Ephren Taylor.” With Long’s blessing, Taylor introduced church members to his “social capitalist” campaign. Dedicated church members who trusted in their bishop’s word, corralled up all available cash and quickly invested in Taylor’s endeavor. Little did they know he was bilking them out of millions.
Current Events
At least a dozen New Birth Missionary members filed a lawsuit against Long, in hopes of recovering at least some, if not all of their financial losses. Bishop Long reached a confidential financial settlement with the plaintiffs for approximately $1 million. This settlement comes only a few years after Long reached another secret multi-million dollar settlement with 4 young male church members, whom he had inappropriate relations with while they were minors.
“Bishop Long really did not guard his flock the way he should have,” said Quinton Seay, an attorney who represented one of the fraud victims, adding that Long “was given a very explicit warning. Basically, he was told exactly what was going to happen, and it materialized.”
Upon news of last week’s arrest of Ephren Taylor, Bishop Long and his New Birth church issued a statement, saying “It has always been our prayer for a resolution to this matter in which many lost their investments. Our hearts go out to anyone who suffered losses, and we pray for healing.”
