NEW YORK (CNNMoney) — Federal officials announced Thursday that they had charged a man who billed himself as the youngest-ever black CEO of a publicly traded company with running a Ponzi scheme.
The Securities and Exchange Commission alleged that Ephren Taylor II — a self-described “social capitalist,” author and entrepreneur — had defrauded investors in his firm of more than $11 million between 2008 and 2010.
Taylor’s City Capital Corporation (CTCC) targeted investors from African-American church congregations, telling them their money would go to support charities and businesses in poor communities, the SEC said. In reality, Taylor used it to operate his scheme and finance a lavish lifestyle, the agency alleged.
“He preyed upon investors’ faith and their desire to help others, convincing them that they could earn healthy returns while also helping their communities.”
“Ephren Taylor professed to be in the business of socially-conscious investing. Instead, he was in the business of promoting Ephren Taylor,” David Woodcock, director of the SEC’s Fort Worth regional office, said in a statement.
The SEC also charged City Capital Corporation and its former chief operating officer, Wendy Connor, with fraud. The agency, which cannot bring criminal charges, is seeking civil penalties and the return of ill-gotten profits. more at source
Short URL: http://www.newsnet14.com/?p=100167
No comments:
Post a Comment