Evangelist Pleads Guilty To Defrauding Investors. I Guess He Could NOT Find Enough GULLIBLES To "Sow Seeds"!
Evangelist pleads guilty to defrauding oil investors
Evangelist and revival leader Ernest Cadick
avoided a trial Monday by pleading guilty Monday to 17 counts of fraud, admitting he solicited $718,000 for oil and gas ventures and other investments and spent the money on himself.
Government prosecutors said that from 1994 through 2008 Cadick fraudulently solicited 17 victims, including some he met at churches and religious events.
One investor alone lost $200,000, according to court records. The investors weren’t identified by name in Cadick’s indictment.
“The victims of these crimes were manipulated and their trust abused,” U.S. Attorney David Hale said in a statement.
Cadick entered the guilty plea as part of an agreement in which the government will recommend that he serve four years in prison and pay restitution equal to the amount of the fraud. The plea bargain must be approved by Judge John G. Heyburn II when Cadick is sentenced on Sept. 12.
He faced a maximum of 320 years in prison and a fine of $4 million if he had been convicted at trial in U.S. District Court in Louisville.
Cadick faces another trial July 11 in Jefferson Circuit Court on three counts of theft for allegedly taking $29,500 from elderly victims he met in Evangel World Prayer Center and telling them the dollar would collapse with the election of President Barack Obama.
In court papers, the federal government says that since 1995, Cadick solicited investments from dozens of other investors in addition to those named in the indictment and lived off their money, but never drilled any wells.
Cadick went so far as to pray with potential victims over their investments and invoke Scripture, Calhoun said in a pretrial memorandum.
Cadick already served six months in Franklin County Regional Jail in 2009 and 2010 for contempt of court when he reneged on a deal to repay $88,000 to defrauded investors, including some of the same victims allegedly targeted in the federal indictment.
Cadick, who owned and operated Bardstown-based Kingdom Oil Co., is one of at least a half-dozen Kentucky oilmen to be implicated in recent years in schemes to defraud investors and violate securities laws.
Although the other cases involved more money, the state Department of Financial Institutions has called Cadick's case particularly egregious because he earned the trust of investors in churches.
Cadick and his lawyer, chief federal public defender Scott Wendelsdorf, declined to comment before his trial and Wendelsdorf did not immediately respond to a request for comment Monday.
The case was prosecuted by It was signed Assistant U.S. Attorneys Brian Calhoun and Joe Ansari and investigated by the FBI.
Evangelist and revival leader Ernest Cadick
Government prosecutors said that from 1994 through 2008 Cadick fraudulently solicited 17 victims, including some he met at churches and religious events.
One investor alone lost $200,000, according to court records. The investors weren’t identified by name in Cadick’s indictment.
“The victims of these crimes were manipulated and their trust abused,” U.S. Attorney David Hale said in a statement.
Cadick entered the guilty plea as part of an agreement in which the government will recommend that he serve four years in prison and pay restitution equal to the amount of the fraud. The plea bargain must be approved by Judge John G. Heyburn II when Cadick is sentenced on Sept. 12.
He faced a maximum of 320 years in prison and a fine of $4 million if he had been convicted at trial in U.S. District Court in Louisville.
Cadick faces another trial July 11 in Jefferson Circuit Court on three counts of theft for allegedly taking $29,500 from elderly victims he met in Evangel World Prayer Center and telling them the dollar would collapse with the election of President Barack Obama.
In court papers, the federal government says that since 1995, Cadick solicited investments from dozens of other investors in addition to those named in the indictment and lived off their money, but never drilled any wells.
Cadick went so far as to pray with potential victims over their investments and invoke Scripture, Calhoun said in a pretrial memorandum.
Cadick already served six months in Franklin County Regional Jail in 2009 and 2010 for contempt of court when he reneged on a deal to repay $88,000 to defrauded investors, including some of the same victims allegedly targeted in the federal indictment.
Cadick, who owned and operated Bardstown-based Kingdom Oil Co., is one of at least a half-dozen Kentucky oilmen to be implicated in recent years in schemes to defraud investors and violate securities laws.
Although the other cases involved more money, the state Department of Financial Institutions has called Cadick's case particularly egregious because he earned the trust of investors in churches.
Cadick and his lawyer, chief federal public defender Scott Wendelsdorf, declined to comment before his trial and Wendelsdorf did not immediately respond to a request for comment Monday.
The case was prosecuted by It was signed Assistant U.S. Attorneys Brian Calhoun and Joe Ansari and investigated by the FBI.
Labels: Avarice, Crime, Evangelism, Greed, Keeping them honest, Punishment, Religion
posted by KYJurisDoctor at 7:57 PM
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