Ephren Taylor Arrested on Federal Fraud Charges

Part 3: Businessman is accused of defrauding families out of millions, and some lost everything.
2:27 | 06/18/14

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Transcript for Ephren Taylor Arrested on Federal Fraud Charges
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 claim he swindled from investors. Taylor's lawyer had this to say about his client's arrest today. Mr. Taylor voluntarily surrendered to law enforcement immediately upon learning of the indictment and he is anxious to address the pending charges. Cathy Lerman, an attorney representing some of the alleged victims, was overjoyed by Taylor's arrest, and that's putting it mildly. Other than the birth of my two children, this is one of the happiest days of my life. This day means a lot to me. It means even more to my clients who are the victims. It is answers to prayers that justice be done. Reporter: It has always been our prayer for a resolution to this matter in which many lost their investments. Our hearts go out to anyone who suffered losses and we pray for healing. Taerl's told attorney ABC news that Taylor was released tonight on his own reconnaissance. Ms. Lerman wishes that weren't so. I believe he is a flight risk. I don't believe ephron Taylor ever intends to answer to anyone for any of the evil that he has done if he can get away with it. Reporter: But tonight his alleged victims are taking Solis in the hope that he will soon be answering to a higher power. Are you here, in god's house this morning. Reporter: For nightline, in Miami. An extraordinary story reaching a cli maximum of sorts tonight. Our thanks for his reporting this past few wreerz.

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

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