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.