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In the video, Long discussed a dispute that his church is having with City Capital Corp., a company that came to the church to persuade members to invest their money with the business in 2009.
In the video, Long said that since City Capital Corp. came to visit his church, some members have faced bankruptcy, foreclosure or significant losses in their retirement accounts. Long made a public appeal to the company's former CEO, Ephren Taylor, and the rest of the company to do the right thing and return the money to those who've been hurt.
In a press release issued on Monday, Long informed the media that several members of his church alerted him to concerns they had about City Capital. Roughly 20 members of the church invested with the company, according to published reports.
According to the video, Taylor resigned from City Capital on Oct. 22, in part because of filings with the Securities and Exchange Commission. Jeff M. Smuda has been chosen to replace Taylor, who had visited Long's church, the New Birth Missionary Baptist Church, as part of the company's "National Financial Empowerment Tour."
I was saddened to hear about these allegations as they pertain to Taylor's company. I've received disturbing messages via e-mail containing allegations of fraudulent behavior by City Capital Corp. While I am not in a position to determine whether the allegations are true, I can offer a few perspectives as a finance professor.
First, the concept of the "financial empowerment tour" as a tool to lure African Americans into questionable investments is a common weapon designed to exploit our community's lack of financial literacy.
Many of us are easily fascinated by fancy financial terms being spewed by experts in fancy suits. This leaves us vulnerable to a multitude of devious financial schemes. So whether City Capital is guilty of swindling anyone or not, there are companies that work regularly to take advantage of the trust generated by forums held in a house of worship.
This case also shows that churches may want to do a better job of screening those who are allowed to provide seminars in front of their congregations. In far too many cases, investment advisers who are also members of the church are allowed to present their information to the congregation without being properly vetted by the church.
Again, this doesn't imply that Taylor was fraudulent, but there are plenty of investment advisers in the church who are seeking to run a game on other members of the congregation.
Finally, we must also acknowledge that it may be the case that City Capital did nothing wrong. The stock market has many ups and downs and being invested is no guarantee that you're going to end up better off financially.
Having members who lost money on their investments does not readily imply that either Taylor or City Capital were fraudulent, but Taylor's pending investigation by the SEC seems to argue that there are broader concerns that may go beyond the standard ups and downs of the stock market. I encourage members of New Birth to wait for the outcome of this investigation before jumping to any conclusions.
Watch Bishop Eddie Long's video here:
Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action resident of the Institute for Black Public Policy. To have Dr. Boyce's commentary delivered to your e-mail, please click here. 
Comments: (18)
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By: Dj on 2/01/2011 11:28AM
Preacher's are surpose to be in the business of saving soul's, but they have gotten into everything that bring in money. They make it seem like they know everything and they really don't. Some counselor people and they aren't counselor's in the pure since of the word. When they see $$$ they want some and if you have it they want it. The preacher should not be the last word get a second opinion about your money or even your life, do not leave it too another person in any church to know all of your business.
For years at least 10 or more I have calling these preacher's the modern day "pharaoh's". They make a lot of money, drive expensive car's and live in million homes, most without a dime bit of soul for the people they preach to each Sunday morning.They sound good that is their job, I get so tired of hearing, 'but, he sure can preach", yes he can, this is how he get's your money out of your pocket".
There used to be a time when the preacher said he was called by God, I never beleived that lie, then the wife start's to preach and the children start preaching and if they had a dog it would preach too. I am not being a smart mouth, but it never made sense to me that all these people were called by God in the same families, NO they were called buy the dollar bill.
I have known families some have large church's,I, would not go to hear them, love them yes, but, no way go to listen to them on my Sunday morning. I know the game and it is a game a money game.
It is too bad that this happened to these people, but, it is their fault believing what these preacher's tell them, instead of seeking out professionals that they have researched paid money for help with their finances,in some cases the help is free, but that is too much like right, they go to the preacher, man/woman of god only to get lied to an loose their money in the process.
The only thing I would suggest leave your money business out of the church go get real help, you may come away with something instead of nothing. The IRS is the only place to go when you have a tax problem not the church's preacher or the member's, they talk and your busy goes all over the church.
Some of these people are so embarrassed because of their financial situtation some stop attending church,because of the talk going on in the church and the preacher can't give a real answer's except God will help, yes, only if they have money.
Stop being taken in by the preacher that has more then you, this should give you a tell-tell sign use your own brain, that is why God gave it to you, "to use and not be used".
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By: Kay on 2/02/2011 4:13PM
If Mr.Long is really concerned about his congregation and the loss of their money...why doesn't he replace it with all of the millions his congregation poured into him! Isnt that what the church is supposed to be for...helping his community?
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By: Ron on 2/01/2011 1:19PM
Preachers are "not" in the "Business" of saving souls as Christs teachings are not a business.
There is nothing in Scripture that authorizes any human or human agency to "self-appoint" themselves over any of us. We have only one authorized head over man: Christ.
We have made the words "Preacher" and "Pastor" to mean leaders over us. That does not follow with Scripture. All of us are "servants" to the Lord and each has a "personal" responsibility to service to him. No person is to station him/herself in positions of leadership and authority over us.
Somewhere down the line we simply have not stopped to take a good investigative look at how this came to be.
We need to stop looking at men and women who place themselves in such lofty positions over us as our leaders; who tell us what to say, think, and believe. Rather than us recognizing that we have only one true teacher and appointed Shepherd over us.
I personally think it is an insult for men (and women)of the likes of Eddie Long to manipulate thousands for personal gain.
Do not think for one moment that these people do not know what they are doing. They have it all worked out as a science and they know who to use the Scriptures (wrongly) and to appeal to the emotion to extract the dollar from you.
They are masters at what they do.
They do it not because they wish to save souls; they do it because they know they can. They view those who sit in the pews as unthinking and unintelligent.
Thinking for yourself is the last thing that they want anyone to do. If you are conditioned not to think but only follow, you will not question anything they present.
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By: pcblst on 2/04/2011 10:23AM
And if you start thinking for yourself and begin questioning things you will be excommunicated!
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By: MemberNew Birth on 2/05/2011 8:13PM
Ron;
A pastor is A leader in the body of Christ...the problem comes when the pastor feels he is the ONLY one to lead.A study in New Testament leadership will reveal a shared form of leadership lest no one get puffed up...which is exactly what has happened in many high profile churches.
Pastors should not be handling the money.......the five-fold ministry is for the "equipping of the saints"not for the ripping off of the saints.
I agree with the poster who said Bishop Long should compensate the folks for their loss....or in my opinion at least enough to get them back into their homes!!
P.s.....called leadership is of God and is NOT self-appointed.A person might abuse his/her authority but that does not mean he/she is not appointed by God!!
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By: Mssylady on 2/01/2011 2:28PM
Black Americans, don't be fools about who you are worshiping. You don't need fools to lead you, only God. Don't listen to people who use the scriptures to exonerate themselves of wrong doing. Flee!
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By: Shabazz on 2/01/2011 6:41PM
Not sure what they "invested" in but the one thing people need to understand is, investments are NEVER risk free, so unless it can be proven that theft took place, these people might be out of luck. These Pastors should be ashamed of themselves for not being thorough enough. Whenever someone is selling a product, it's his job to make it sound as appealing as possible. I'm sure he spent most of his time highlighting the UPSIDE to these investments while downplaying as much as possible, the inherent risk. It's up to the investor to be aware. But the next thing is, Daddy Long should have understood the risk involved and then provided that supplemental information to the people. This man is damn disgrace to black people and should be dealt with HARSHLY
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By: pimpinperry2 on 2/01/2011 9:13PM
Since these investments losses involves members of his congreation Eddie Long say enough of this. If my members are facing bankrupty, foreclosure or highly in debt then thsi means they can't pay him...oops excuse me ...tithe.
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By: Warren D on 2/02/2011 11:47AM
Sorry, but they get no sympathy here."A fool and his money are soon parted" is just as true today, as when it was first uttered.People, by nature are greedy, self-serving, and opportunistic - so when charlatans and hucksters prey on these flaws, who's to blame? Then you have these Pimps in the Pulpit who sucker gullible "believers" out of money in the "Name of the Lord", and "titheing", and "Building Funds" etc, etc,.When you idolize a mortal man, this is what you get.Taken!
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By: Michi W. on 2/14/2011 3:35AM
you've said it better than anything I could have ever said. I'm glad to know that I am not out here alone. These churches are nothing the Lord intended as a matter of fact...He is know where in them. Especially when it comes to these preacher yeah I call them PIMPS too!!!
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