SHREVEPORT, Louisiana (KTRK) –
The allegations against Pastor Kirbyjon Caldwell are worrying. The federal prosecutor who accused the longtime pastor, millions of elderly and vulnerable investors suffered.
None of the money was ever repaid. Now he and a business partner could be jailed in a system that seems too good to believe.
In the 1940s, the Chinese government offered bonds for sale.
At that time they might have been worth something, but by 2013 the Communists were firmly in control of China and the gangs were worthless.
CLICK HERE: Read the full indictment of Kirbyjon Caldwell
But prosecutors claim that Pastor Caldwell and investment adviser Gregory Smith have not stopped investors from offering rapid and impressive returns on pre-revolutionary Chinese bonds that begin in 201
Allegedly, they sold nearly $ 3.5 million. Court documents suggest that they are worth nothing.
An indictment and second civil lawsuit filed by the Securities and Exchange Commission allege that the pair has never repaid an investor but held it on the hook with frequent investor calls and promises of repayment
According to court records, Caldwell encouraged investors, " To remain true and to receive their money, Caldwell also used religious credentials to give investors hope that they would soon be repaid. "
Both men were in federal penitentiary years ago and could be made to repay millions and lose a home owned by the pastor in Houston.
Court filings suggest that he used money from the alleged investment scheme to pay the mortgage on it.
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Caldwell once served as one of the spiritual advisors to President George W. Bush. He is currently listed as a limited partner of the Houston Texans.
The Texans released the following statement: "We were recently alerted to a report in which Kirbyjon Caldwell was involved, we are gathering more information and will not comment on it further."
Sources told Eyewitness News that Caldwell is working with authorities to go to Louisiana within the next week for 10 days.
WATCH: Details of the indictment of Pastor Kirbyjon Caldwell
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