Kirbyjon H. Caldwell, a former spiritual advisor to both Barack Obama and George W. Bush has been sentenced to 6 years in prison for a multi-million dollar fraud scheme.
Per CBS “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.”
Acting U.S. Attorney Alexander Van Hook said in a statement that 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.”
The report adds “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.”
Floyd LeBlanc, chairman of the Windsor Village Church Family Personnel Committee said “Mr. Caldwell has apologized and asked forgiveness from the people harmed in this matter.”
“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,” he added.