By AZARD ALI, Newsday/TT

A PASTOR who was an agent of the Unit Trust Corporation yesterday pleaded guilty in the San Fernando High Court to a $1.7 million fraud charge. Pastor Gerry David, 43, of Morne Coco Road, Petit Valley, took the money from Glenwyn Mottley to invest in a UTC Second Scheme fund. Instead, David invested the $1.7 million on the United States Day Market Stock Exchange. He lost every cent. The UTC, however, compensated Mottley in the sum of $1,750,000 — $50,000 more than what he (Mottley) lost as a result of David’s fraudulent activity. Pastor David was charged with fraudulent conversion contrary to the Forgery Act, in that between February 26 and May 1, 1999, he fraudulently converted to his own benefit, the sum of money in the form of a cheque which was certified to the UTC. The charge was laid by head of Fraud Squad Snr Supt Wellington Virgil.

In outlining the facts to Justice Rajendra Narine in the Second Assize Court, State attorney Narissa Ramsundar said that Pastor David was an independent agent of the UTC. Mottley already had the $1.7 million deposited in the First Scheme, but according to the prosecutor, David convinced him (Mottley) to withdraw the money and invest it in the UTC Second Scheme. The judge heard that the UTC issued the cheque payable to Mottley who in turn endorsed it to David. The Pastor issued Mottley a receipt, but according to the State’s case, the accused invested the $1.7 million on the Day Market of the US stock market. That particular stock exchange was described yesterday by Pastor David’s attorney, Chateram Sinanan, as one in which an investment of such magnitude, could have made David into a multi-billionaire, in a matter of minutes. Or, the attorney added, a pauper in seconds. Unfortunately for David, he lost badly on the investment — unable to retrieve a penny. After pleading guilty to the charge, Sinanan made a stirring plea in mitigation on David’s behalf and urged Justice Narine not to impose a custodial sentence on the accused. The attorney cited several testimonials from various church leaders and also a testimonial from Chief Magistrate Sherman Mc Nicolls, of David’s good character. Justice Narine said he will pass sentence next week Wednesday.