A Texas megachurch pastor stands accused of using his influence to lure “vulnerable and elderly” people into a financial scheme that caused some to lose their life savings.
Rev. Kirbyjon H. Caldwell, the pastor of Windsor Village United Methodist Church in Houston, is facing federal charges of defrauding investors out of more than $1 million using obsolete Chinese bonds.
A federal grand jury has handed a 13-count indictment charging Caldwell and Gregory Alan Smith, a financial planner from Louisiana, U.S. Attorney Alexander C. Van Hook of the Western District of Louisiana said Thursday. The charges against the men, who allegedly conspired with each other, include wire fraud and money laundering.
Van Hook’s office claims Caldwell used his status as pastor of the Houston church to help gain investors’ trust.
The Securities and Exchange Commission is also suing Caldwell and Smith in federal court for allegedly violating financial laws.
Dan Cogdell, an attorney for Caldwell, told HuffPost in a statement that the accusations against the pastor are “simply false.”
Cogdell said his client believed the bonds to be legitimate and had invested a significant amount of his own money into the scheme. He also said Caldwell “never used his status as a Reverend at all regarding the investments.”