ASKED: Kirbyjon H. Caldwell (left), 64 , by Houston, and Gregory Alan Smith, 55, of Shreveport (sources: Windsor Village Church, Facebook)
A financial planner from Shreveport and the pastor of a prominent church of the United Methodist Church in Houston are accused of insulting investors of more than $ 1 million.
A federal jury has indicted 55-year-old Gregory Alan Smith of Shreveport. and 64-year-old Kirbyjon H. Caldwell, of Houston, US Attorney Alexander C. Van Hook announced today .
Everyone is convicted of fraud in six cases, money laundering in four cases and conspiracy to robbery and conspiracy to money laundering (19659004). An indictment is an indictment. A person is presumed innocent unless she is guilty of a reasonable doubt.
The indictment alleges:
The US Attorney's office reports that the bonds issued by the former Republic of China before the loss of power to the Communist government in 1949 are not recognized by the Chinese government and have no investment value.
Smith and Caldwell allegedly promised high returns, sometimes three to fifteen times the value of the assets.
"Instead of investing the funds, the defendants used them to pay for personal loans, credit card deposits, mortgages, vehicle purchases, and other personal expenses."
Smith and Caldwell face 20 years imprisonment if convicted of fraud (19659004) They are also punished with 10 years imprisonment if they are convicted of money laundering and / or money laundering conspiracy.
The two, if found guilty, could also receive and be ordered to pay a million dollars in restitution, forfeiture of assets and five-year federal release after release from prison
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