Ephraim grew up in the region the Gooi and attended the secondary school Het Baarnsch Lyceum, located in Baarn, at gymnasium level between 1978 and 1983.

[1][5] Investigative journalism platform Follow the Money reported that GSLA made a large part of its profits due to a tax fraud scheme based on dividend stripping that was discovered by the CumEx-Files.

Ephraim and Vogel announced new legal procedures in order to receive unpaid bonuses worth millions and compensation for reputational damage.

[9][10] After having left Fortis, Ephraim became an informal investor, being the owner of Superzaken Investments, and besides served on the board of directors of the Deminor Active Governance Fund between 2007 and 2015.

[14] The following month, newspaper Het Parool published an article about antisemitic messages in WhatsApp groups of the party's youth organization.

[16] After the revelations about antisemitic messages, several prominent Forum for Democracy members accused party leader Thierry Baudet of having made extremist comments during a dinner.

[18] Ephraim rose to spot three on the 2021 general election party list due to prominent members leaving Forum for Democracy because of the events.

[3][21] In the House, he was his party's spokesperson for finances, the euro, and culture, and he served on the following committees:[1][12] Ephraim announced on 13 May 2021 that he would leave Forum for Democracy together with fellow MPs Wybren van Haga and Hans Smolders due to "a difference of opinion (...) about how to engage in politics".

[22] In the previous week, Van Haga had denounced a Liberation Day poster by the party, which suggested that the Netherlands had lost its post-WWII freedom due to the COVID-19 lockdown.

[25] When the collapse of the fourth Rutte cabinet led to a November 2023 snap election, BVNL did not include Ephraim in its list of candidates.