DENVER—A Florida pastor has pleaded guilty in Denver federal court to participating in a Ponzi scheme involving about $5 million.
Prosecutors say 71-year-old Charles Lawrence Kennedy, Jr. of Tampa solicited funds for the investment scheme from fellow pastors and members of their congregations from December 2005 to April 2006. Authorities say he collected $460,000.
In all, prosecutors say Kennedy and two co-defendants collected about $5 million from approximately 100 investors nationwide.
The U.S. District Attorney’s office in Colorado announced Thursday that Kennedy pleaded guilty to one count of wire fraud on Wednesday. One of Kennedy’s co-defendants also pleaded guilty to wire fraud this year, and the other defendant faces a trial next year.
Kennedy is scheduled for sentencing in January. He faces up to 20 years in prison.
