Former pastor admits to embezzling and defrauding a San Diego church out of more than $3 million.
According to the Associated Press, federal prosecutors said Barry Minkow pleaded guilty Wednesday to embezzling funds from a Community Bible Church.
News 10 San Diego notes that Minkow faces up to five years in prison for conspiracy to commit mail fraud, wire fraud and bank fraud, when he is sentenced in April.
"Barry Minkow pled guilty today to embezzling more than $3 million in money intended as church donations (while employed as a pastor) and concealing it all from the IRS," said Joel P. Garland, Acting Special Agent in Charge of IRS Criminal Investigations for the Los Angeles Field Office.
"Barry Minkow has admitted not only his fraud, but his omission of over $890,000 in unreported income and over $250,000 in tax," Garland said.
The 46-year-old founded a carpet company when he was a teenager and became a millionaire, but he went to prison for fraud in 1988, the AP notes.
Minkow became a pastor after he was released.