Corrupt Kentucky Pastor indicted on seven counts
It appears the good reverend was buying cars and playing the ponies with church funds
A federal grand jury today handed down a seven-count indictment against the Rev. Larry Davis, alleging that the pastor of First Baptist Church of Cold Spring essentially was stealing money from the church.
The indictment alleges that Davis submitted a false loan application to Fifth Third Bank, evaded federal taxes for four years, and transferred stolen money out of state to purchase two vehicles, including a Porsche. He will be arraigned in U.S. District Court in Covington on June 17. Davis, 57, has not been arrested but has been issued a summons to appear in court. If convicted, the maximum punishment he faces is 30 years in prison and/or a $1 million fine.
…Davis has been pastor of First Baptist Church of Cold Spring since 1985. As pastor, the indictment says that he had control over most of the bank accounts, investment accounts and credit cards.
The indictment alleges that Davis misappropriated nearly $500,000 from the churchâ€™s $3.5 million construction loan taken out in April 2002 from Fifth Third Bank. Davis acted as general contractor for the project. Van Tatenhove said some of that money was withdrawn from ATMs at racetracks.
The indictment also says that Davis submitted a forged paper to Fifth Third Bank to get an additional $4 million loan. The paper he submitted said that the church gave him permission, but the church hadnâ€™t, the indictment said.
Thanks to House Blender and Julien’s List contributor Holly for the pointer.