Skip to comments.Pastor David Yonggi Cho Sentenced to 3 Years for Embezzling $12 Million
Posted on 02/24/2014 5:06:41 PM PST by Gamecock
Pastor David Yonggi Cho, 78, founder of the worlds largest Pentecostal church, was sentenced to three years in prison for embezzling $12 million in church monies.
Cho birthed the Yoido Full Gospel Church in South Korea, which is affiliated with the Assemblies of God, in 1958. The church has more than 1 million members, making it the largest congregation in the world.
Cho was convicted last week of embezzlement for having officials buy stocks his eldest son, Cho Hee-jun, owned in 2002. His officials bought 250,000 shares of the stock at four times the market value, according to news reports.
Cho has to pay about $4.6 million in fines as part of the case. His son was also sentenced to three years in prison.
The Yonhap News Agency reported that the judge believes Cho should be severely punished for committing breach of trust, especially for a person of his status in society, but gave a light sentence for tax evasion because of Cho's positive contributions to society.
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His officials bought 250,000 shares of the stock at four times the market value, according to news reports.
I have found it in an institution which millions who are not of its fold recognize as the only moral authority left in the world. I find it in the Church which is prolonged Christ, whom the reactionaries find too liberal and the liberals too reactionary; something that challenges the world, not pampers it; which speaks a truth that because it is God-made, cannot be man-remade; which restores me to the Saviors embrace when I sin; which nourishes my soul with the life of Christ when I hunger; which leads me to Calvary when I become undisciplined; which thrusts before me a Cross to inspire service of sacrifice for the poor; which tells me what is right when the world is wrong; and which will minister to my soul when my lease on life is ended. In a word, I am neither a Reactionary nor a Liberal Civis Romanus sum! I am a Catholic!
(Fulton J. Sheen, For God and Country, 1941.)
We have nothing but love and compassion for our Protestant brothers. God loves all of us.
This guy fits ALL the criteria to be a member of Obongo’s Cabinet!
They bought the shares from his son. Son made 4 x the value on the sale.
In this country we have preachers all over the country with private jets and mansions and yachts...
I thought the usual penalty for economic crimes was 3x as much as was stolen?
Of ciurse we do. And we have the YBPDLN to keep track of them all.
This is really freakin’ sad. When I was a new believer (and going to a Word Of Faith-type church), I went to a church that associated itself with Dr. Cho’s church. He was (at one time) really looked upon as a great man of God.
This really is NOT good news.
Word of Faith is a Lie from the git go, so I’m not surprised.
That’s a good testimony ..... God must have worked in a big way. I’m glad you were able to see the deception.