A Texas megachurch pastor and former spiritual adviser to Presidents Barack Obama and George W. Bush has been sentenced to six years in prison for scamming investors out of millions of dollars.
Kirbyjon H. Caldwell was sentenced Wednesday in Shreveport, Louisiana, where he and his co-defendant, Gregory A. Smith, were indicted in 2018, the Associated Press reported.
Back in March, Caldwell pleaded guilty to conspiracy to commit wire fraud.
According to federal prosecutors, Caldwell and Smith used their influence to persuade people to invest about $3.5 million in historical Chinese bonds.
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, but instead, he took their hard-earned money from them and used it for his own personal gain,” Acting U.S. Attorney Alexander Van Hook said in a statement.
Caldwell used about $900,000 he received from the scheme to maintain his lifestyle and pay down credit cards and mortgages, according to the Justice Department.
In November, Smith was also sentenced to six years in prison.
The church also released a full statement on Caldwell’s sentencing:… (Read More)