A former religious adviser to President George W. Bush has been accused by federal prosecutors of defrauding investors of $3.5 million.
Pastor Kirbyjon Caldwell and a business partner, Gregory Smith, sold millions of dollars of worthless Chinese bonds, telling investors to “remain faithful and that they would receive their money,” according to documents obtained by ABC Houston station KTRK.
Prosecutors from the U.S. Attorney’s Office in the Western District of Louisiana announced the 13-count indictment Thursday.
Both men could face significant jail time and be forced to forfeit assets. Caldwell and Smith both face 20 years in prison for the conspiracy to commit wire fraud count and for the wire fraud counts, according to the prosecutor. They face 10 additional years in prison for the conspiracy to commit money laundering count and the money laundering counts.
