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Press Release

Shreveport investment advisor pleads guilty to bilking clients out of $3.5 million

For Immediate Release
U.S. Attorney's Office, Western District of Louisiana

SHREVEPORT, La. United States Attorney David C. Joseph announced today that Gregory Alan Smith, 55, a Shreveport investment advisor, pleaded guilty before Chief U.S. District Judge S. Maurice Hicks Jr. to conspiracy to commit wire fraud.

According to information presented in court, Smith used his influence and status as an investment advisor to persuade multiple victims to “invest” approximately $3.5 million with Smith and co-defendant Kirbyjon H. Caldwell.  The victims’ investments were purportedly in historical Chinese bonds, which are bonds issued by the former Republic of China prior to losing power to the communist government in 1949.  These bonds are not recognized by China’s current government and, accordingly, have no investment value.

Smith began approaching existing clients and acquaintances in the spring of 2013 about what he described as an opportunity to invest in Chinese historical bonds.  His usual sales pitch to investors was that Caldwell, the senior pastor at Windsor Village United Methodist Church in Houston, Texas, was: (1) putting the bond deal together on behalf of investors, (2) had the bonds in his possession or was obtaining them and (3) was brokering a deal to sell the bonds.  Smith also promised that by investing money with him and Caldwell, the victims would obtain a partial ownership of the bonds and would quickly receive exponential returns on their investments.  The victims were not told of the true nature of the bonds nor were they informed that no previous investor had ever obtained the promised return on investment.  The victims were encouraged to cash out any other investments they might have if they could not otherwise afford to participate.

After Smith made the fraudulent pitch, the victims were instructed to wire funds to various bank accounts under Caldwell’s control.  The funds were then divided between Smith, Caldwell and others.  Smith received $1.08 million of the total $3.5 million.  He used it to pay down loans, purchase two luxury sport utility vehicles, place a down payment on a vacation property and maintain his lifestyle.  After time passed and investors began to question why they had not received the promised returns, Smith and Caldwell offered excuses, defended the legitimacy of the deals and assured victim-investors that they would receive the promised returns.

Under the terms of his plea agreement, Smith faces five to seven years in prison. He also faces a $1 million fine, restitution, forfeiture and five years of supervised release. Smith’s sentencing is scheduled for December 11, 2019.  Caldwell’s trial is scheduled for December 2, 2019.

The FBI conducted the investigation.  Assistant U.S. Attorneys Seth D. Reeg and C. Mignonne Griffing are prosecuting the case.

U.S. Attorney Joseph noted that this case was included in the Justice Department’s largest-ever nationwide elder fraud sweep, which includes hundreds of enforcement actions in criminal and civil cases that targeted or disproportionately affected seniors.  A list of Elder Fraud cases by the Department of Justice is provided on this interactive map

For more information about DOJ’s efforts to prevent and combat elder abuse, please visit the Elder Justice website at  Elder fraud complaints may be filed with the FTC at or at 877-FTC-HELP.  The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office of Victims of Crime, which can be reached at

Updated July 23, 2019

Financial Fraud