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Via: Elev8

Ephren Taylor II, a self-described “social capitalist” who made his first million in high school, was charged by the SEC today for allegedly operating Ponzi scheme that targeted church congregations.

The SEC alleges that Ephren W. Taylor II made numerous false statements to lure investors into two investment programs being offered through City Capital Corporation, where he was the CEO. Instead of investor money going to charitable causes and economically disadvantaged businesses as promised, Taylor secretly diverted hundreds of thousands of dollars to publishing and promoting his books, hiring consultants to refine his public image, and funding his wife’s singing career.

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