Businessman's Self-Help Mega-Church Tour Raises Suspicions

Alleged church Ponzi Schemer arrested on federal fraud charges.
3:11 | 06/18/14

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Transcript for Businessman's Self-Help Mega-Church Tour Raises Suspicions
Students. At the time one of the most powerful black preachers in America your life. Is about to change the six years ago he introduced his mega church to this man. Put your hands together and received my friend my brother. The great. Lives did change he Fred Taylor was a self proclaimed billionaire only in its money's. And a preacher son who spoke the language of -- -- these families he was a financial whiz kid -- don't believe. How to hit some wealth and use it for the building of its Cano. It was all part of what he called his wealth -- sermons about self improvement. That financial picture much later and strive -- Security officials now say these families were victims of a Ponzi scheme that reached into churches across the country. From Eddie long is -- Atlanta to -- -- -- in Houston officials say he owes millions to investors in several states. But it all those families who say that you cheated them it's been nearly a year since we last saw a friend Taylor refusing to talk to ABC news. About accusations that he swindled his Brothers and sisters of the search out of million. What a debate is once I read they get got to -- -- wanted to play this morning. But today the prayers of his clients were finally answered. As only hours ago he turned himself into authorities on various counts of fraud charges that only cover a fraction of what the SEC. And other government agencies claimed that he swindled from investors. Taylor's lawyer had this to say about his client's arrest today. Mr. Taylor voluntarily surrender to law enforcement immediately upon learning of the indictment and he is anxious to address the pending charges. Kathy Lerman an attorney representing some of the alleged victims was overjoyed by Taylor's arrest and that's putting it. Mildly other -- the birth of my two children this is one of the happy -- days of my life. This date means a lot to me it means even more to. My clients who are the victims and it is the answer to prayers by all of us that justice be done. New -- one of the many churches associated with Taylor told ABC news in a statement today it has always been our prayer for resolution to this matter. In which many lost their investments our hearts go out to anyone who suffered losses and we pray for healing. Taylor's attorney told ABC news that mr. Taylor was released tonight on his own recognizance. This Lerman wishes that -- -- I absolutely believe he's a flight risk. I don't believe. To answer to anyone for any of the evil that he has done if he can get away with it. But tonight his alleged victims are taking solace in the hope. But he will soon be answering to a higher power. For Nightline I'm Steve listen -- in Atlanta.

This transcript has been automatically generated and may not be 100% accurate.

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