“The surrender date will be arranged on Monday,” Cogdell told ABC News. “Rev. Caldwell and I will travel to Shreveport and seek a bond from the judge, which I believe the government will agree to.”
Monday’s move is tied to a 13-count indictment that accuses Caldwell, 64, and his business partner, Gregory Smith, 55, with wire fraud and conspiracy to commit money laundering while raising about $3.5 million in Historical Chinese bonds from 29 investors in 2013 and 2014.
Justice Department releases details
In a press release issued March 29, the Department of Justice said the bonds were issued by the former Republic of China before it lost power to the communist government in 1949.
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“They are not recognized by China’s current government and have no investment value,” the press release explained.
Instead of investing the cash, Caldwell and Smith used the funds to pay off personal loans, credit card bills, mortgages, vehicles and other personal expenses, according to the Department of Justice.
Pastor says bonds are legitimate
Caldwell told KTRK/ABC13 in an interview Friday that everyone who asked for their money to be returned has received it and that he has proof that the bonds are legitimate.
Both men face 30 years in prison if convicted, ABC News reported.
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Caldwell is the faith leader of Windsor Village United Methodist Church, which seats about 7,000 people.
Caldwell’s Easter sermon
In his Easter Sunday sermon, Caldwell told the packed-to-capacity church, “on the road to glory you have painful pit stops and this is a pit stop.”
Caldwell was a speaker at the Republican National Convention in 2000 and gave the benediction at the inauguration of President George W. Bush in 2001. In 2008, President Obama called on Caldwell as a member of his prayer team, according to Newsweek.