(AllHipHop News) A well known business executive who bills himself as "America's youngest African American CEO of a public company" is being accused of bilking investors out of tens of millions of dollars.
A 100-page-plus class action lawsuit was filed against Ephren Taylor earlier this week, claiming he and other individuals operated a ponzi scheme preyed upon hard working church goers.
The lawsuit claims Taylor, who also managed a $1 million endowment for Snoop Dogg's Youth Football league, wasted investors' money and cost some, their entire life savings.
"Today is the first step in achieving justice for hundreds of victims whose tens of millions were supposed to go toward 'socially conscious' investments, but instead enriched Ephren Taylor and his cohorts," said Cathy J. Lerman, Founder of Cathy Jackson Lerman, PA, which is representing the disgruntled investors, along with several other attorneys.
"This self-described minister who targeted and bilked hard-working, devout minorities for his own financial gain must be brought to justice," Lerman said.
According to Ephren Taylor's official bio, his company City Capital Corporation oversees over $100 million in assets.
He began his career at the age of 12 with his own video game company and by 16, was a multimillionaire.
Ephren Taylor is facing charges that include wire fraud, interstate transportation of stolen property, money laundering, racketeering, violations of the RICO Act and a number of other serious violations.