A choose in Denver, Colorado, ordered the monetary accounts of a pastor and his spouse frozen after they sold $3.2 million in a worthless cryptocurrency to their Christian followers, then pocketed $1.3 million for his or her private use, characterizing their actions as “unmitigated greed.”
The net pastor, Eligio “Eli” Regalado, and his spouse, Kaitlyn, who lead Victorious Grace Church, are dealing with civil fraud prices associated to their cryptocurrency.
“This case is a tragic case for me. It’s one of the extra egregious instances I’ve seen the place somebody within the identify of religion, the identify of God, preyed upon his congregants and he did so within the identify of the Lord,” Denver District Courtroom Judge David Goldberg stated Monday, in response to The Denver Post.
After a two-hour listening to on the case, Golberg dominated that the couple, their corporations, and church should not have entry to their alleged ill-gotten good points and shouldn’t promote their cryptocurrency or different investments within the state.
Colorado Securities Commissioner Tung Chan not too long ago charged the Denver couple together with INDXcoin, LLC, Kingdom Wealth Alternate LLC, and different events with promoting $3.2 million price of a cryptocurrency the Regalados created known as “INDXcoin” to lots of of Christians whereas claiming God stated the funding would make them rich.
They’re accused of violations of the anti-fraud, licensing and registration provisions of the Colorado Securities Act, the Colorado Division of Regulatory Companies stated in a release.
In keeping with the criticism filed by the Colorado Legal professional Common’s Workplace, Regalado is a pastor “who preaches via the Victorious Grace Church” and used his “connections within the evangelical Christian group to particularly goal members of different church buildings.”
The criticism stated investigators from the Colorado Division of Securities discovered that from June 2022 to April 2023, INDXcoin raised almost $3.2 million from greater than 300 people who have been recruited as buyers from Christian communities in Denver. And even after authorities shut down INDXcoin and Kingdom Wealth Alternate, Regalado insisted to buyers that God had every thing underneath management whereas he was busy splurging their cash on private bills.
“The purple flags have been their expenses for personal purposes,” Ioana Dobra, a fraud investigator with the Colorado Division of Securities, stated about an audit of the couple’s financial institution accounts. “Jewellery purchases, holidays, airline tickets, clothes, and residential reworking.”
In a recent response to the costs, Regalado insisted that he was merely following what he believed to be God’s voice.
“There’s been $1.3 million that is been taken out of, I believe it was, a complete of $3.4 million. However out of that $1.3, half 1,000,000 {dollars} went to the IRS, and some hundred thousand went to a house rework that the Lord instructed us to do,” he stated.
“We sold a cryptocurrency with no clear exit. We did. We took God at His phrase and sold a cryptocurrency with no clear exit. And so, the prosecutors must take that and say, ‘These folks willingly sold a cryptocurrency with no clear exit.’ What we’re praying for and what we’re believing for nonetheless is that God goes to do a miracle. God goes to work a miracle within the monetary sector.”
Contact: leonardo.blair@christianpost.com Observe Leonardo Blair on Twitter: @leoblair Observe Leonardo Blair on Fb: LeoBlairChristianPost
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