Category: Fraud

SEC says ‘Social Capitalist’ ran Ponzi scheme targeting church members

Ephren Taylor Former businessman Ephren Taylor, who describes himself as a ‘Social Capitalist,’ has been charged with fraud by the U.S. Securities and Exchange Commission for an alleged $11 million Ponzi scheme that targeted socially conscious churchgoers.

Among the victims are members of Atlanta’s New Birth Missionary Baptist Church. They are suing their pastor, Eddie Long, for promoting Taylor’s scheme.

Christian rock concert promoter sentenced in $1M Ponzi scheme

Lauren Baumann A federal judge has sentenced a promoter of Christian rock concerts to nearly five years in prsion in a wire fraud scheme that bilked nearly $1 million from investors.

Lauren Baumann, 43, of Downey, California, was the owner of Stewardship Estates, LLC, which collected nearly $1 million in loans, promising investors that the money would be used to host Christian rock concerts.

NY prosecutor: Scammers fleeced wealthy musician, Schlumberger heir for $20 million

Vickram Bedi A wealthy musician lost $20 million over six years to scammers who persuaded him of threats against him coming out of Central America, the conservative Catholic movement Opus Dei and the CIA, a prosecutor said Tuesday.

Vikram Bedi’s co-defendant, Helga Invarsdottir, pleaded guilty last year to grand larceny and is awaiting sentencing.