Mushmouth
03-31-2018, 06:27 AM
3626
Kirbyjon Caldwell, 64, senior pastor at the Windsor Village United Methodist Church in Houston, one of the nation's largest Protestant churches with about 17,000 members, faces wire fraud and money laundering charges in connection with the sale of historical bonds to mostly elderly investors.
The bonds were issued by the former Republic of China before 1949 - when the communists won that country's civil war and took power - are not recognized by the current Chinese government and have no investment value, said U.S. Attorney Alexander C. Van Hook in Shreveport, Louisiana.
Caldwell's attorney said his client was unaware the bonds were worthless and had invested his own money.
The two men face separate charges of defrauding investors by the SEC in connection with the bond sales. The regulatory agency described the bonds as "collectible memorabilia."
Caldwell and Smith in 2013 and 2014 raised at least $3.4 million from 29 mostly elderly investors by promising them high returns, and used about $1.8 million of the proceeds for personal expenses, the SEC alleged.
https://ca.news.yahoo.com/prominent-houston-pastor-indicted-charges-defrauding-parishioners-162809162--sector.html
Kirbyjon Caldwell, 64, senior pastor at the Windsor Village United Methodist Church in Houston, one of the nation's largest Protestant churches with about 17,000 members, faces wire fraud and money laundering charges in connection with the sale of historical bonds to mostly elderly investors.
The bonds were issued by the former Republic of China before 1949 - when the communists won that country's civil war and took power - are not recognized by the current Chinese government and have no investment value, said U.S. Attorney Alexander C. Van Hook in Shreveport, Louisiana.
Caldwell's attorney said his client was unaware the bonds were worthless and had invested his own money.
The two men face separate charges of defrauding investors by the SEC in connection with the bond sales. The regulatory agency described the bonds as "collectible memorabilia."
Caldwell and Smith in 2013 and 2014 raised at least $3.4 million from 29 mostly elderly investors by promising them high returns, and used about $1.8 million of the proceeds for personal expenses, the SEC alleged.
https://ca.news.yahoo.com/prominent-houston-pastor-indicted-charges-defrauding-parishioners-162809162--sector.html