Kirbyjon Caldwell, a Texas megachurch pastor and former presidential spiritual adviser, was reportedly sentenced to six years in prison Wednesday.
Caldwell pled guilty to conspiracy to commit wire fraud in March after he and Gregory A. Smith, a Shreveport investment adviser, persuaded people to invest $3.5 million in historical Chinese bonds. Caldwell kept approximately $900,000 of the $3.5 million for himself, according to NBC DFW. (RELATED: One Of Bush’s Spiritual Advisers Indicted For Fraud, Faces Decades In Prison)
Texas megachurch pastor sent to prison for fraud scheme https://t.co/8GAEmQlUkN
— The Independent (@Independent) January 14, 2021
The Chinese bonds were reportedly issued by the former Republic of China before the country fell to the communist government in 1949. The bonds are no longer recognized by China’s government and have no investment value.
Smith was reportedly sentenced to six years in prison for his involvement in the scheme.
“[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 Attorney Alexander Van Hook said, NBC DFW reports.
Prior to his conviction, Caldwell was a spiritual adviser to both Presidents George W. Bush and Barack Obama.
Caldwell is set to report to federal prison June 22.