Founding Pastor At Southlake Church Pleads Guilty To Embezzlement Charges

HUNTERSVILLE, N.C. — The founding pastor at a church in Huntersville has pleaded guilty to embezzlement charges.

Wade Malloy is accused of conspiring with Wayne Parker, the former headmaster of Southlake Christian Academy, in embezzling roughly $9 million from the school and its affiliated church.

Parker, 57, of Mooresville,N.C., was already sentenced to 5 years in prison.

Malloy and Parker both took a plea deal in the case.

Parker was accused of defrauding the school and church out of $9,000,000 from at least 2000 until 2014 to fund a lavish lifestyle for himself and Malloy.

Malloy is accused of taking funds between $550,000 to $1,500,000 to help fund his personal expenses, according to court documents.

Money taken was reportedly used to pay off Malloy’s credit card bills, college tuition, medical bills and much more.

Court documents reveal Parker used School and Church funds to cover a multitude of expenses, including but not limited to, the purchase of multiple plots of real estate; vacations around the world; luxury vehicles; luxury dining; Carolina Panthers preferred seats licenses; credit card bills; a boat and jet skis; gold and silver coins; and gifts for family and friends.

In 2010, court records show that Parker took School and Church funds to build a lake front house for nearly $1.2 million dollars. To fully fund the construction, Parker made all the School employees take a pay cut of 5%, which he claimed was due to the economy.

When the church leadership questioned Parker’s activities and called for an independent audit, Parker stole and destroyed financial records from the school to prevent authorities from discovering the nature and extent of his crimes.  Parker also sold one of the houses that he had constructed with ill-gotten funds to one of his children, for significantly less than the home was worth, to prevent law enforcement from seizing the property.

Malloy has not been sentenced at this time.