Businessman accused of bilking investors arrestedJune 17, 2014 @ 5:16 pm
ATLANTA (AP) -- Federal prosecutors say a businessman accused of swindling churchgoers in an investment scheme has been arrested.
Authorities say 31-year-old Ephren Taylor II of Overland Park, Kansas, was arrested Tuesday morning. A grand jury indictment charges Taylor with fraud.
Taylor is accused of convincing churchgoers in Georgia and across the country to invest in small businesses and then using their money to fund a lavish lifestyle.
The Securities and Exchange Commission filed a complaint in April 2012 accusing Taylor, former chief executive of North Carolina-based City Capital Corporation, and another former City Capital executive of defrauding investors out of more than $11 million.
A federal judge ordered City Capital to forfeit $11 million in profits and nearly $1.5 million in interest and civil penalties.
It's unclear if Taylor has an attorney.
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