Peter Waldo of Lyon was a wealthy merchant who gave up his riches around 1175 after a religious experience and became a preacher. He founded the Waldensians which became a Christian sect believing that all religious practices should have scriptural basis. Waldo was denied the right to preach his sermons by the Third Lateran Council in 1179, which he did not obey and continued to speak freely until he was excommunicated in 1184. Waldo was critical of the Christian clergy saying they did not live according to the word. He rejected the practice of selling indulgences, as well as the common saint cult practices of the day.