SUIT FILED AGAINST BISHOP EDDIE LONG
Bishop Eddie Long is back in the headlines after former New Birth members claim he knowingly led them into a Ponzi scheme where they lost over $1 million.
A dozen former members of New Birth Missionary Baptist Church in Lithonia, Georgia filed suit in court in late January. The suit says that Long’s assistant had been warned that businessman Ephren W. Taylor was running a $3 million dollar capital deficit, The Atlanta Journal-Constitution reported.
Allegedly the Bishop knew that the deal was shady all along and brought it to the church anyway. Bishop Long did not invest in the scheme; he however, encouraged members of the congregation to put their faith into Taylor.
Long’s church has urged Taylor to repay the investors with interest.
Taylor was charged in 2012 with running a Ponzi scheme and a civil case against him is pending.
SEC (Securities and Exchange Commision) officials said he promised to use investments for charity and to help economically challenged areas, but instead diverted the funds he received after speaking to churches, including New Birth, to pay other investors and finance business and personal expenses.
[via Huffington Post]