Kentucky pastor spent cash on Porsche
Indictment says $700K stolen from local church
By Jim Hannah
Enquirer staff writer
COVINGTON - The Rev. Larry Davis purchased a Porsche with some of the more than $700,000 he stole from the First Baptist Church of Cold Spring - sometimes brazenly withdrawing the money at horse racetrack ATMs, a federal prosecutor says.
"The thought of somebody in a leadership position misappropriating funds for personal use is very troubling," said U.S. Attorney Gregory Van Tatenhove.
"We, as a community, need to take a strong stand to hold those individuals accountable."
A seven-count federal indictment returned Wednesday says Davis submitted a false loan application to Fifth Third Bank, evaded federal income taxes for four years, and transferred stolen church money across state lines to buy the Porsche 911 and a minivan.
The indictment comes after an 18-month investigation into the finances of the church and of Davis - who helped draw the national spotlight to Cincinnati by joining a group that successfully brought the Billy Graham Crusade to Paul Brown Stadium in 2002.
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