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:

CBA previews 2015 ICRS, opens exhibitor registration

News image

Nearly 20 representatives from more than a dozen companies were...

READ MORE

Thom Rainer’s church-focused books still going strong

News image

Thom S. Rainer’s I Am a Church Member (B&H Books)...

READ MORE

Dan Rich announces retirement after 40 years in publishing

News image

David C Cook Chief Publishing Officer Dan Rich will retire...

READ MORE

U.S. retail sales fall in September

News image

Retail sales dropped by 0.3% to $442.7 billion in September,...

READ MORE

NRF poll forecasts increased 2014 holiday spending

News image

The National Retail Federation (NRF) is forecasting holiday sales to...

READ MORE

Barbour author Vickie McDonough reaches sales milestone

News image

Barbour Publishing author Vickie McDonough recently surpassed the 1 million-copy...

READ MORE

GRAMMY-winning artist J Moss escapes house fire

News image

GRAMMY-winning producer and Stellar Award-winning artist J Moss escaped a...

READ MORE

Worthy Publishing acquires Ideals children’s books

News image

The Worthy Publishing Group announced the acquisition Friday of the...

READ MORE

Joel Osteen’s latest debuts atop ‘New York Times’ best-seller list

News image

Joel Osteen’s You Can, You Will: 8 Undeniable Qualities of...

READ MORE

Artist Jim Shore partners with Christian Brands

News image

Well-known artist Jim Shore has partnered with CB Gift, a...

READ MORE

NRF launches Retail Jobs Week, applauds retailers

News image

The National Retail Federation (NRF) today kicked off Retail Jobs...

READ MORE

Family Christian closes Waco store, promises move

News image

The Family Christian Stores location in Waco, Texas, has closed,...

READ MORE
100%
-
+
0
Show options

a