A Texas megachurch pastor and former spiritual adviser to two U.S. presidents has pleaded guilty to bilking investors out of millions of dollars alongside a Louisiana investment adviser.
Kirbyjon H. Caldwell pleaded guilty Wednesday to conspiracy to commit wire fraud, news outlets reported. Caldwell was the senior pastor of Windsor Village United Methodist Church in Houston and a spiritual adviser to Presidents George W. Bush and Barack Obama.
Caldwell's co-defendant Gregory A. Smith, a Shreveport financial planner, pleaded guilty to the same charge in July 2019.
According to the Department of Justice, Caldwell and Smith used their clout and influence to persuade people to invest about $3.5 million in historical Chinese bonds. The bonds were reportedly issued by the former Republic of China before they lost power to the communist government in 1949. The bonds aren't recognized by China's current government and thus have no investment value.
Smith began approaching victims about the investment in 2013 and promised high returns on the investment. In 2013 and 2014, about $3.5 million was "invested" and divided between Caldwell, Smith and others, prosecutors said.
Caldwell used about $900,000 to maintain his lifestyle, and pay down personal loans and mortgages, according to the Justice Department.
Smith and Caldwell face up to five and seven years in prison each. Caldwell has made partial restitution and has agreed to pay the remaining balance of about $2 million before sentencing.
Smith will be sentenced on May 4. Caldwell's sentencing date is schedule for July 22.
The Associated Press
To contact us or to submit an article, click here.
Get Charisma's best content delivered right to your inbox! Never miss a big news story again. Click here to subscribe to the Charisma News newsletter.
It's a NEW YEAR! Get ready for a NEW YOU!
- New Year Discounts On Book Bundles & Gifts: Click Here to view all our bundles and save up to 72%! Prayer, Holy Spirit, Anointing, the Supernatural and more.
- Go Deeper with God in a FREE eCourse: Click Here to view all eight of our free courses. Topics include Fear, Forgiveness, Holy Spirit, Supernatural, and How to Hear God.
- Anointed Woman Of God: Rise up and enter the anointing of Deborah, Anna, Esther, Ruth and Hannah. You were called to go higher. Click Here to learn more.
- Never Stop Praying - Prayer Changes Everything! John Eckhardt's prayer bundle gives you six powerful books to help you pray and change any situation. Click Here.
- New Year - New You - Bible Sale!: Click Here to save up to 50% off a great selection of Bibles. Plus, get a free gift with each order!
Subscription Special: Subscribe to Charisma for two years for Only $29.97 and get two free gifts. Gift #1 The Harbinger. Gift #2 The Harbinger II. Both books are by New York Times Best-Selling author Jonathan Cahn. View Offer