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.”
