On Monday it was reported that one dozen former New Birth Missionary Baptist Church parishioners of Bishop Eddie Long, in Lithonia, Ga., had filed a lawsuit in the DeKalb County court last month due to an alleged Ponzi scheme, according to the Washington Post.
The lawsuit documentation contends that Bishop Long introduced Ephren W. Taylor as his friend to several church members, and he encouraged them to invest in his company.
The former members now allege that the entire venture was nothing more than a Ponzi scheme, with Taylor running a deficit of as much as $3 million, with Long's members suffering $1 million of that loss.
Bishop Eddie Long issued a statement through New Birth, stating that "We remain hopeful that Ephren Taylor and companies related to him restore the funds that were taken from congregants at New Birth and churches around the country."
The Securities and Exchange Commission got involved in 2012, when they charged Taylor with running a Ponzi scheme. They say a civil case against him is pending.