Kirbyjon Caldwell, a prominent Houston megachurch pastor, was indicted by a federal grand jury on Thursday along with a Louisiana financial planner for allegedly defrauding investors of more than $1 million, KHOU-TV reported.
Caldwell, 64, is the pastor of the 14,000-member Windsor Village United Methodist Church in Houston, and a one-time spiritual advisor to former President George W. Bush, the television station said.
He was indicted with Gregory Alan Smith, 55, of Shreveport, on six counts of wire fraud, four counts of money laundering, and one count each of conspiracy to commit wire fraud and conspiracy to commit money laundering, KHOU-TV said.
As alleged in a statement by the U.S. Attorney's Office in Shreveport, Smith and Caldwell lured investors to pay more than $1 million for Historical Chinese bonds.
"These bonds were issued by the former Republic of China prior to losing power to the communist government in 1949," according to the statement.
"They are not recognized by China's current government and have no investment value. Smith and Caldwell promised high rates of return, sometimes three to 15 times the value of the investments. Instead of investing the funds, the defendants used them to pay personal loans, credit card balances, mortgages, vehicle purchases and other personal expenses."
Caldwell and Smith face 20 years in prison for the conspiracy to commit wire fraud count and for the wire fraud counts, and another 10 years for the conspiracy to commit money laundering count and the money laundering counts if convicted.
The men could also face $1 million in fines, restitution, forfeiture, and five years of supervised release, the statement continued.
Caldwell's attorney Dan Cogdell said his client is not guilty of the charges, according to KTRK-TV.
"Pastor Kirbyjon Caldwell is a religious leader who has been falsely accused," Cogdell said, per KTRK-TV. "He trusts the legal process completely but most importantly his faith. He will be absolved. We look forward to trying this case in the court of law."
Caldwell, a limited partner of the NFL's Houston Texans, presided over Jenna Bush Hager's wedding, per KTRK-TV.
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