Washington Pastor Charged in $13M Investment Scheme

Prosecutors have charged Cristian Popescu, pastor of Passion for Christ in Kirkland, Washington, with 10 counts of wire fraud and five counts of money laundering. The U.S. Department of Justice alleges that Popescu orchestrated a $13 million investment scheme by deceiving parishioners into investing in Followone Inc., a fraudulent social marketing company he established in 2015. The indictment states that Popescu used the trust placed in him by his congregation to manipulate financial decisions, specifically targeting retirement accounts and children’s college savings accounts.

Popescu allegedly directed victims to transfer funds into self-directed IRAs and then into Followone accounts under his control. He is accused of diverting portions of these investments to his personal and family accounts, including more than $4.5 million into his personal checking and investment accounts. Additionally, he is alleged to have paid himself over $1 million in wages from 2017 to 2024 and over $300,000 to his wife, despite her not being a true employee. The indictment notes that five of the seven monetary transactions listed were for $300,000 or more, with one investor reportedly losing nearly $1 million.

More than 30 individuals were reportedly deceived by the scheme, according to the indictment. Acting U.S. Attorney Neil Floyd stated that Popescu used fabricated marketing materials, websites, and an expensive office to lure investors, ultimately using their money for personal luxuries and day trading. The indictment claims that Popescu portrayed Followone as a highly successful enterprise worth $1.4 billion, set to list on the Nasdaq, despite the company having only three employees and consisting of non-functional screens.

To sustain the illusion of legitimacy, Popescu allegedly purchased data from MarketCheck and other data brokers to simulate real e-commerce activity. He also gave his employees fabricated titles to attract bank attention and secured an expensive downtown Bellevue office to meet with investors. The scheme was further maintained through the formation of shell companies and the requirement for investors to sign nondisclosure agreements.

The indictment highlights the complexity of the fraud, emphasizing the deliberate deception used to manipulate financial trust. The case underscores the importance of accountability and transparency in leadership, especially within communities that place significant trust in their spiritual guides. The pursuit of justice in such matters reflects a commitment to protecting the vulnerable and upholding the principles of honesty and integrity.

Source: Read the original report