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:

LifeWay finds buyer for downtown Nashville campus

News image

Uptown Nashville LLC has come under contract with LifeWay Christian...

READ MORE

Voting deadline nears for Charisma's Best Awards

News image

Time is winding down on the voting period for Christian...

READ MORE

LifeWay pulls ‘Heaven visitation’ books from shelves

News image

Adhering to the 2014 Southern Baptist Convention resolution on “the...

READ MORE

Organizations partner to ‘Ignite’ church resource marketing program

News image

Send The Light Distribution, a leading distributor of products serving...

READ MORE

David C Cook author succumbs to breast cancer at 38

News image

Less than a week after her book The Hardest Peace...

READ MORE

Loyal customer sparks re-opening of Virginia Christian bookstore

News image

The closing of Rainbow Parable Christian Bookstore in Colonial Heights,...

READ MORE

IVP author wins Templeton Prize

News image

IVP author Jean Vanier has been awarded the Templeton Prize,...

READ MORE

ICRS to offer digital publishing training

News image

This summer’s International Christian Retail Show in Orlando, Florida, will...

READ MORE

NRF survey pinpoints consumer targets this Easter

News image

Hoping the temperatures will meld with their desire to celebrate,...

READ MORE

Long-time Abingdon Press author Lyle Schaller dies at 91

News image

Lyle Schaller, who wrote 55 faith-based books for Abingdon Press...

READ MORE

International company serves growing faith market

News image

With offices in the United States, Brazil, Sri Lanka and...

READ MORE

Family Christian Stores withdraws bankruptcy motion

News image

In a somewhat surprising move, Family Christian Stores, the nation’s...

READ MORE
100%
-
+
0
Show options

a