8 months ago
The Colorado Securities regulator has accused the pastor of an online-only religion of illegally pocketing $1.3 cardinal which was raised via the merchantability of a cryptocurrency helium created. A justice successful Colorado has since ordered the closure of the pastor and his wife’s slope accounts for 14 days.
‘The Lord Brought This Cryptocurrency to Me’
The securities regulator successful Colorado has charged Reverend Eli Regalado, creator of the cryptocurrency INDX coin and pastor of the online-only Victorious Grace Church, with selling “worthless” INDX coins for $3.4 cardinal sometime successful 2022 and during the archetypal fractional of 2023. Tung Chan, Colorado’s securities commissioner, filed a suit connected Jan. 16, accusing Regalado of ensuring that investors successful his coin did not recoup their investment.
According to a study by the Denver Post, Regalado pocketed $1.3 cardinal from the token sales, which helium spent connected a Range Rover, jewelry, luxury handbags, cosmetic dentistry, and vessel rentals.
The suit suggests that Regalado utilized his presumption arsenic a spiritual person to person his followers to put successful cryptocurrency. For instance, successful 1 sermon connected Aug. 22, 2022, Regalado told his followers that his lord had instructed him to make the now-defunct crypto asset.
“It was past October that the Lord brought this cryptocurrency to me. He said, ‘Take this to my radical for a wealthiness transfer.’ It has been confirmed a 100 times since,” Regalado reportedly said.
INDX Coins ‘Technologically Deficient’
Additionally, successful what whitethorn person been an effort to dissuade investors from offloading their holdings, Regalado claimed that the Lord had asked his followers to “stay successful INDX coins.”
However, successful her lawsuit, Chan accused Regalado and his woman Kaitlyn Regalado of falsely claiming that the INDX coins were worthy astatine slightest $10 each oregon $300 cardinal for the 30 cardinal coins. Chan besides described the cryptocurrency and the lone marketplace wherever INDX coins were traded arsenic being “catastrophically technologically deficient.”
Following the filing of the lawsuit, U.S. Judge David Goldberg ordered the Regalados’ slope accounts and those of associated companies to beryllium closed for 14 days. Additionally, the justice prohibited the Regalados from selling securities successful Colorado.
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