A decide in Denver, Colorado has ordered the monetary accounts of a pastor and his spouse to be frozen after they bought $3.2 million in nugatory cryptocurrency to their Christian followers after which stored $1.3 million for their very own private use, characterizing their actions as “unmitigated greed “.
On-line pastor Eligio “Eli” Regalado and his spouse Kaitlyn, who run Victorious Grace Church, are going through civil fraud expenses associated to their cryptocurrency.
“This case is a tragic case for me. It's one of the crucial egregious circumstances I've seen the place somebody within the title of religion, within the title of God, preys on their congregations and he did so within the title of the Lord,” Denver District Courtroom Choose David Goldberg mentioned Monday. Denver Publish.
After a two-hour listening to on the case, Golberg dominated that the couple, their firms and the church shouldn’t have entry to their alleged ill-gotten beneficial properties and shouldn’t promote their cryptocurrencies or different investments within the state.
Colorado Securities Commissioner Tung Chan just lately accused the Denver couple, together with INDXcoin, LLC, Kingdom Wealth Change LLC and different events, of promoting a $3.2 million cryptocurrency created by Regalados referred to as “INDXcoin” to a whole lot of Christians, alleging that God mentioned the funding would make them wealthy.
They’re accused of violating anti-fraud, licensing and registration provisions of the Colorado Securities Act, the Colorado Division of Regulatory Businesses mentioned in a launch.
In accordance with the grievance filed by the Colorado Lawyer Normal's workplace, Regalado is a pastor “who preaches by Victorious Grace Church” and has used his “connections within the evangelical Christian group to particularly goal members of different church buildings.”
The grievance states that investigators from the Colorado Division of Securities discovered that between June 2022 and April 2023, INDXcoin raised almost $3.2 million from greater than 300 people who had been recruited as buyers from Christian communities in Denver. And even after authorities shut down INDXcoin and Kingdom Wealth Change, Regalado insisted to buyers that God was in management whereas he was busy spending their cash on private bills.
“The pink flags had been their spending for private functions,” Ioana Dobra, a fraud investigator with the Colorado Division of Securities, mentioned of the audit of the couple's financial institution accounts. “Buying jewellery, holidays, flights, garments, and residential transforming.”
In a latest response to the allegations, Regalado insisted he was merely following what he believed to be God's voice.
“There was $1.3 million taken, I believe it was, $3.4 million whole. However of that $1.3 million, half 1,000,000 {dollars} went to the IRS and several other hundred thousand went to rebuilding the home that the Lord advised us to do they did,” he mentioned.
“We bought cryptocurrency with no clear exit. We bought. We took God at His phrase and bought cryptocurrency with no clear exit. And so the prosecutors need to take that and say, 'These individuals willingly bought cryptocurrency with no clear exit.' What we pray for and what we nonetheless consider is that God will do a miracle. God will do a miracle within the monetary sector.”
Contact: leonardo.blair@christianpost.com Observe Leonard Blair on Twitter: @lebloir Observe Leonard Blair on Fb: LeoBlairChristianPost
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