Christian Retailing

NEWSLETTERS Current Issue David Yonggi Cho gets huge fine, probation for embezzlement
David Yonggi Cho gets huge fine, probation for embezzlement PDF Print E-mail
Written by Jeremy Burns   
Tuesday, 25 February 2014 05:05 PM EST

DavidYonggiCho-webPastor David Yonggi Cho, founder of the world’s largest Pentecostal church, received a suspended sentence of three years in prison for embezzling $12 million of church funds.

Cho is the author of several books, including The Fourth Dimension and Unleashing the Power of Faith (both Bridge-Logos Publishers).

In 1958, he founded the Seoul, South Korea-based Yoido Full Gospel Church, which is affiliated with the Assemblies of God. The church is the largest single congregation in the world, with more than 1 million members.

Cho was convicted Feb. 20 of embezzlement for having his church’s officials buy stocks owned by his eldest son in 2002. The officials bought 250,000 shares of the stock at four times the market value, according to news reports.

Cho is required to pay approximately $4.6 million in fines as part of his sentence. His son was remanded to three years in prison for his role in the scandal.

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.

Jennifer LeClaire contributed to this story.

 

In this current issue:

New program targets enhanced Christian retailer consumer traffic

News image

A new program has been launched to help Christian retailers...

READ MORE

Religion publishers report slight sales increase for January

News image

Net revenues from religion publishers were up 11.1 percent for...

READ MORE

AWSA announces 2015 Golden Scroll Award finalists

News image

The Advanced Writers and Speakers Association has announced its finalists...

READ MORE

Baker Academic title receivea Academy of Parish Clergy award

News image

The Church According to Paul by James W. Thompson (Baker...

READ MORE

NRF survey: Families spending more than ever on Mom

News image

Families this year are ready to splurge on jewelry, flowers,...

READ MORE

Brooklyn Tabernacle’s ‘Pray’ rises to Billboard no. 1

News image

The six-time Grammy award-winning Brooklyn Tabernacle Choir’s new CD titled...

READ MORE

Harvest House Publishers’ title reaches Christy Awards finals

News image

The Amish Blacksmith (Harvest House Publishers), a novel by best-selling...

READ MORE

Bethany House author scores Minnesota Book Award

News image

Bethany House writerJulie Klassen has been presented with a Minnesota...

READ MORE

Amazon introduces shopping app for Apple watch

News image

Amazon customers with an Apple Watch can simply tap the...

READ MORE

2015 Christy Awards finalists announced

News image

The Christy Awards Advisory Board has announced the following finalists...

READ MORE

Christian self-publisher to shut down

News image

CrossBooks, a Christian self-publishing company, has announced it will close...

READ MORE

Christian Small Publishers announce annual awards

News image

Christian Small Publishers Association has announced the winning titles for...

READ MORE
100%
-
+
0
Show options

a