Stoltmann Law Offices is investigating Houston, Texas-based Windsor Village United Methodist Church and it’s Senior Pastor, Kirbyjon Caldwell, in connection to a scheme to defraud elderly investors by selling them interests in defunct, pre-Revolutionary Chinese bonds. The Securities and Exchange Commission (SEC) has alleged, that, in 2013 and 2014, Caldwell, and Gregory Alan Smith, a financial planner whom the Financial Industry Regulatory Authority (FINRA) barred from the industry in 2010, targeted vulnerable and elderly investors into purchasing the bonds. They said that the bonds (collective memorabilia with no investment value,) were worth millions of dollars. They raised at least $3.4 million from 29 investors, some of whom liquidated their annuities to invest. Caldwell and Smith allegedly took $1.8 million of the funds to pay for personal expenses, like mortgage payments and luxury cars. Offshore individuals received most of the remaining funds.
According to the SEC complaint, Caldwell and Smith violated the registration and antifraud provisions of the federal securities laws, and seeks civil penalties, disgorgement, and other forms of relief. In a separate complaint, attorney Shae Yatta Harper was charged with aiding and abetting Caldwell and Smith’s antifraud violations. Harper agreed to pay a $60,000 civil penalty and to the issuance of an administrative order suspending her from appearing or practicing as an attorney before the Commission with the right to request reinstatement after five years.
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