New Birth Investment Scandal

LITHONIA, Ga. — One member of New Birth Missionary Baptist Church says he stands to lose tens of thousands of dollars in an investment that turned into a nightmare for dozens of church members.

After attending a financial seminar given by then City Capital Corporation CEO Ephran Taylor, Ron Jones said he invested $60,000 with the company.

“You’re in a trusted environment. You already have that element of trust. But when you look at the business part of it, everything checked out,” Jones said.

After nine months, Jones said he was promised a hefty return. But when he called last August to collect, he was told his money had been reinvested.

“I said, ‘Hold on. I never directed or asked for my money to be reinvested,’” Jones said. “You kind of get that feeling in your stomach, something’s wrong.”

The investment went bust. Company stock, once worth $20 a share, now trades for a penny a share. The Better Business Bureau gave City Capital an “F” rating.

Bishop Eddie Long turned to the Internet to ask Taylor to return more than $1 million to his church members.

“Please do what’s right,” Long said. “Let’s settle this so these families can move on.”

Taylor, who resigned as CEO last year, fired back with a statement calling the You Tube appeal a character assassination. He also said, “All clients have a settlement package and I personally have reviewed an updated report on which clients have been contacted and when they were contacted.”

But Jones said in order to get that settlement, he and others must sign away their rights to sue and they don’t even know what the settlement is, or if it even exists.

Jones said the investment has caused financial hardship for many church members, some who are now facing foreclosure.

“We know we have to stay focused on the matter at hand,” Jones added.

And that, he said, is trying to recoup all of their losses.

News Coverage video is located here – http://www.wsbtv.com/news/26735653/detail.html

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