67 years old Kirbyjon H. Caldwell, a Pastor with a mega church in Texas, who is also former spiritual adviser to former Presidents Barack Obama and George W. Bush has been sentenced to six years in prison at Shreveport, Louisiana for defrauding investors of millions of dollars.
Based on what was said by federal prosecutors, Caldwell and his co-defendant Gregory A. Smith, a Shreveport-based investment adviser, used their influence to coax people to invest about $3.5 million in historical Chinese bonds. Bonds which China’s current government do not recognize and have no investment value.
Caldwell, who pleaded guilty to conspiracy to commit wire fraud in March last year, was the senior pastor of Houston’s Windsor Village United Methodist Church, which has about 14,000 members.
Acting U.S. Attorney Alexander Van Hook stated that Pastor Caldwell “used his status as the pastor of a mega-church to help convince the many victim investors that they were making a legitimate investment.
Instead he took their hard-earned money from them and used it for his own personal gain,”
The Justice Department stated that Caldwell used about $900,000 dollars he received from the scheme to maintain his lifestyle and pay down credit cards and mortgages.