Pastor of World’s Largest Pentecostal Church Indicted for a $9 Million Stock Scheme on Church
This is an AT2W Flashback from March 2013:
Yoido Full Gospel Church’s David Yonggi Cho is accused of $9 million stock loss and $5.5 billion in tax evasion.
The founding pastor of the world’s largest Pentecostal congregation is being indicted on charges of breach of trust for costing the church more than $9 million in a stock scheme gone awry.
South Korean news sources report that prosecutors have indicted David Yonggi Cho, founder of Yoido Full Gospel Church which has more than 1 million congregants, for a stock scheme in which he arranged for the church to buy his son Cho Hee-jun’s stock “at a rate three to four times lower than market value.” Prosecutors also found evidence that Cho has accrued $5.5 billion in tax debt.
Cho first came under investigation in 2011, when church elders accused him of embezzling $20 million. Cho also has been criticized for privatizing church assets.