News

Pastor Who Advised Bush, Obama, Sentenced Six Years For Cheating Investors

Pastor Who Advised Bush, Obama, Sentenced Six Years For Cheating Investors

 

 

 

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 bilking investors out of millions of dollars.

Kirbyjon H. Caldwell, 67, was sentenced Wednesday in Shreveport, Louisiana, where he and his co-defendant, Gregory A. Smith, were indicted in 2018.

Caldwell, who in March pleaded guilty to conspiracy to commit wire fraud, was the senior pastor of Houston’s Windsor Village United Methodist Church, which has about 14,000 members.

He was a spiritual adviser to Presidents George W. Bush and Barack Obama.

According to federal prosecutors, Caldwell and Smith, a Shreveport-based investment adviser, 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 that lost power to the communist government in 1949.

The bonds aren’t recognized by China’s current government and have no investment value.

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,” 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.

Caldwell has a master’s degree from the Wharton School of Business at the University of Pennsylvania and had worked in the financial industry.

In November, Smith was also sentenced to six years in prison.

In a video posted on Facebook, Floyd LeBlanc, chairman of the Windsor Village Church Family Personnel Committee, said Caldwell has taken full responsibility and paid full restitution to all the victims.

LeBlanc said Caldwell has remained active within the church during his case, including helping with virtual ministry and weekly food distributions to families during the pandemic.

“Mr. Caldwell has apologised and asked forgiveness from the people harmed in this matter,” LeBlanc said.

LeBlanc also described Caldwell as a victim for choosing the wrong business partners.

“We’re very disappointed that Mr. Caldwell’s contributions to society and his extraordinary efforts to make every victim whole resulted in a sentence that is disappointing,” LeBlanc said.

Caldwell was set to report to federal prison on June 22.

 

Source: AP

Angela Davies

Recent Posts

SDNON Unveils Ambitious Plans For 2025, Celebrates Outgoing Executives

The newly elected SDNON excos have unveiled their ambitious plans for 2025 and celebrated the outgoing executives.…

9 hours ago

Primate Ayodele Releases 2025 Prophecies For All Sectors

The leader of the INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has released his 2025…

19 hours ago

Timeless Tunes: How Throwback Songs Bond Africans In 2024

Music has always been central to African culture, reflecting societal changes while connecting generations. In…

2 days ago

Sinach To Feature In Global Christian Event, Gather25

Sinach is set to feature in the global Christian event, Gather25.   Glamtush reports that Gather25,…

2 days ago

Yahaya Bello Released After Meeting Bail Conditions

Yahaya Bello has been released after meeting his bail conditions.   Glamtush reports that former…

2 days ago

Makinde Cancels Birthday Celebration To Honour Ibadan Stampede Victims

Makinde has cancelled his birthday celebration to honour the Ibadan stampede victims.   Glamtush reports that Governor…

2 days ago