HOUSTON — The co-defendant in a high-profile fraud case involving Houston pastor Kirbyjon Caldwell pleaded guilty on Tuesday.
Gregory Smith, 55, has admitted to conspiring to commit wire fraud.
Smith is an investment adviser in Shreveport, Louisiana and the former business partner of Caldwell.
Prosecutors say he and Caldwell sold millions of dollars in worthless Chinese bonds to investors, promising huge returns.
Caldwell says he is not guilty and he has evidence to prove his innocence.
Under the terms of Smith's plea agreement, he faces five to seven years in prison.
He also faces a $1 million fine, restitution, forfeiture and five years of supervised release.
His sentencing is scheduled for December 11. Caldwell’s trial is scheduled for December 2.
Read the full statement below from the United States Attorney's Office or click here.
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