Ephren Taylor Accused of $11 Million Christian Ponzi Scheme by SEC

In April 2012, ABC News heard from an attorney representing Taylor, who said that Taylor is not in hiding, but has stayed out of the spotlight because of concerns for his safety. He continued that Taylor also unequivocally denies that he looted investor proceeds to fund an extravagant lifestyle.

In Texas, Gary and Anita Dorio first met Taylor in Joel Osteen’s Lakewood Church, and gave Taylor $1.3 million, their life savings and her mother’s retirement. And for about a year, they say it seemed like a good deal. At the beginning, Taylor was sending them monthly checks for $11,000.

“He asked us, you know, ‘What do you need? Give me a figure,’ and he made it happen,” said Gary Dorio.

The Dorios said the paperwork Taylor provided was very convincing. They thought they were investing in an inner city laundromat, a juice bar and a gas station.

“We actually got pictures of the businesses that they were operating,” said Gary Dorio. “We called, and they answered the phone and they said who they were.”

But ultimately, they discovered that many of the businesses they thought they were investing in never even existed. Lawyer Cathy Lerman said hundreds of investors have told her the same story.

“I cannot tell you how many people have said to me, I thought I was the only one. And my family was so angry with me. I took our life savings and ruined it,” she said.

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