Ephren Taylor Scam – Story of how one investor was scammed and duped by ephren

Ephren Taylor with his many accolades, TV appearances, allegedly humble and honest roots, his story of being a man of faith, and his aspirations of being a minister of God, philanthropy, and his supposedly outstanding integrity have enticed many to invest with him and his “socially-conscious” investments. Here is a recent tragic story with this self made millionaire and entrepreneur. Mr. Valter Cipollari from North Alabama went to an investment conference in Orlando, Florida in February 2009 put on by Wealth Summit Live with many speakers giving investment advice and promoting their investment ideas. Ephren Taylor, CEO of City Capital Corporation, made a presentation and pitched diversified “social conscious” investments through his company.  Upon arrival back home, phone calls were exchanged and information sent on two investment opportunities/joint ventures, City Laundry Services LLC and City Petroleum LLC. In the investment proposals, the investment would be collateralized by the business and its inventory. After doing the due diligence, Mr. Cipollari proceeded with both investments signing two separate promissory notes allegedly thinking he was also signing a collateral agreement on both. Both notes were drafted by City Capital Corp. The initial investment on both notes totaled $75,000.00. The notes were payable in one lump sum including principle and interest 1 yr from signing (3-18-2009). The investments were conducted by a third party, Equity Trust Company, who holds self directed IRA‘s and these types of investments above within it.In the end of the year in 2009, Mr. Cipollari called Kinetra Dixon, Client Support Manager with City Capital Corp, in regards to the investments he made with them and she assured me all was well and that I would receive exactly what was in those notes only if City Capital Corp went out of business/bankrupt. She proceeded to say that it was the policy of the company to call their clients 1 (one) week prior to the maturity of the notes to either renegotiate the notes or to cash out. Although, no communication by the company regarding the investments were ever done for the entire year and 1 week prior to maturity of the notes, no call from City Capital Corp. On Monday, March 15th 2010, Mr. Cipollari called Kinetra Dixon and related to her his wishes to liquidate his funds. She stated she would call him at the end of the week. No phone call. Called on Friday, March 19th 2010, and left message and no return call. Called on Monday, March 22, 2010, and left another message. Ms. Dixon called at 10:30 AM EST and stated “I have forwarded your request to our accounting department”. No correspondence by City Capital Corp. Called back on Friday, March 26, 2010, and left another message for Ms Dixon. No return call. On Monday, March 29, 2010, Ms Dixon was emailed and she responded that the investment/notes where being forwarded to Mr. Robert Bovarnick http://www.rbovarnick.com/attorneys.htm, who is an attorney in Pennsylvania who does legal work for Ephren Taylor and City Capital Corp. Called Both Ms Dixon and Mr. Bovarnick on 3-29-2010, left message and no return calls. On 3-31-2010, Mr. Cipollari called Mr. Bovarnick, left message and no return call. On 4-1-2010, Mr. Bovarnick emailed Mr. Cipollari and he stated he would attempt to call me on 4-02-2010. On 4/02/2010, there was no call from Mr. Bovarnick but Mr. Cipollari called and emailed Ms Dixon with no return correspondence; called Mr. Bovarnick at 3:30 CST the same day. On April 5, 2010 Mr. Bovarnick called and conversation went as follows: “How can I help you?” Mr. Bovarnick asked. ” Well, I am holding two notes, that matured on 3-18-2010, which Ephren Taylor/City Capital Corp made with me and I just wanted to liquidate the funds”, Mr. Cipollari said. Mr. Bovarnick with confusion in his voice, “I am confused why City Capital Corp is sending you to me, I don’t hold the purse strings. I just do legal work for Ephren. I need to speak to Ephren or Kinetra to clarify this.” On April 5, 2010, Mr. Cipollari called and spoke with Ms Dixon at 3:10 CST and she stated “I have been told by my upper management to have all my information sent to Mr. Bovarnick.” “Is upper management Ephren Taylor?” Mr. Cipollari asked.   Ms Dixon responded “Yes.” April 8, 2010, Mr. Cipollari once again called Mr. Bovarnick at 3:14 CST and left a message. No further correspondence by City Capital Corp, Ephren Taylor, Kinetra Dixon, and Mr. Bovarnick to date. A notice of default was sent by Certified mail, fax, and email on 4-12-2010. Upon further investigation, the notes have a rate of return that is illegal by law and they were written with the provision that any lawsuit shall be litigated only in the District Court of Jackson County, Missouri which has stringent regulations of rate of return on notes. It is evident that these notes were carefully crafted by Ephren Taylor/City Capital Corporation representing enticing fraudulent investment information to seduce investors. Also, no collateral agreement was received with each note. It appears that Ephren Taylor had no intentions to pay Mr. Cipollari from the beginning. Since the notes are in the name of the companies and there is no mention of Ephren Taylor or City Capital Corp, information has been acquired from the Missouri Secretary of States on City Laundry Services LLC and City Petroleum LLC which clearly implicate Ephren Taylor personally and City Capital Corp with these companies. Furthermore, Ephren Taylor filed for termination for City Petroleum LLC on April 02, 2009 shortly after Mr. Cipollari funds were wired to him. All documentation mentioned above can be verified! Is Ephren Taylor using his accolades to cover for the more sinister business dealings with honest working Americans! Can this be another Bernie Maddoff in the making? Mr. Cipollari is already a victim wiping his IRA clean. You may contact him by the email provided in this press release with any comments, similar circumstances or questions to verify this story.