Houston Megachurch Pastor Kirbyjon Caldwell pleads guilty to fraud using phony bonds
Well-known Houston Pastor Kirbyjon H. Caldwell, a senior clergyman at Windsor Village United Methodist Church, pleaded guilty in an investment scheme involving a multimillion-dollar wire fraud, according to a news release by the chief federal prosecutor in Shreveport, La.
Caldwell pleaded guilty to conspiracy to commit wire fraud, the same charge his Shreveport-based investment adviser, Gregory A. Smith, pleaded guilty to on July 23, 2019.
“These defendants used their positions as religious leaders and investment advisers to defraud Louisiana residents - many of whom are elderly and retired,” said U.S. Attorney David C. Joseph. “In doing so, the defendants abused the trust and respect of their victims for the sole purpose of stealing their money. This type of deceit can be devastating for victims, especially when life savings are lost. My office will continue to vigorously prosecute those who use confidence schemes to prey upon the elderly and people of faith.”
According to evidence in the case, Caldwell and Smith used their status and access to manipulate multiple victims, encouraging them to invest about $3.5 million with in historical Chinese bonds. However, these bonds from the former Republic of China only existed prior to communist takeover in 1949. They are no longer recognized by China’s government and have no investment value, according to court documents.
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