iStock/Thinkstock(HOUSTON) — A former religious adviser to President George W. Bush has been accused by federal prosecutors of defrauding investors of $3.5 million.
Pastor Kirbyjohn 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.
Both men could face significant jail time and be forced to forfeit assets.
Caldwell’s lawyer tweeted out a statement, according to KTRK, that said his client was “falsely accused” and “would be absolved.”
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