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- A Colorado pastor and his partner face analysis for apparently defrauding their Christian neighborhood of millions through the sale of a cryptocurrency
- The couple raised $3.2 million by offering INDX, however civil charges followed reports to the Colorado Division of Securities after purchasers lost access to the apparently “basically useless” coins
- Pastor Eligo Regalado declares he offered the coins after getting a magnificent true blessing, as regulators pursue civil charges versus the couple for the cryptocurrency fraud
A Colorado pastor and his other half are under analysis for supposedly defrauding members of their Christian neighborhood out of millions through the sale of a cryptocurrency… and the pastor has actually blamed God. By offering the INDX cryptocurrency, connected with the INDXcoin job, the couple raised $3.2 million, however the set were reported to the Colorado Division of Securities after purchasers might no longer access the coins in 2015. The coins were referred to as “basically useless” by regulators, resulting in civil charges versus the set, with Pastor Eligo Regalado informing authorities that he offered the coins after getting a true blessing from God.
God Told Me To Do It
INDXcoin was branded as “Your Digital Pass To A Vibrant Community & & Exclusive Content Designed To Help You Create Wealth, Discover Your Purpose & & Build The Life You Long For,” which is rather a claim, and one that didn’t have the furthest opportunity of coming to life.
Regalado and his better half, Kaitlyn, released INDXcoin and started offering its INDX cryptocurrency in June 2022 after Pastor Regalado “took God at His word and offered a cryptocurrency without any clear exit,” including when talking to authorities that he thought in God’s arrangement for the task.
The set acquired $3.2 million in sales of INDX through to April 2023, with the sales performed through their cryptocurrency exchangeKingdom Wealth Exchange, with the coin explained by Colorado Securities Commissioner Tung Chan as “illiquid and virtually useless”.
Kingdom Wealth Exchange, the only location where INDX might be purchased and offered, was suddenly closed down on November 1, causing the Colorado Division of Securities ending up being included.
Pastor “Took Advantage” of His Followers
In a declaration, Commissioner Chan revealed issue over the exploitation of trust within the Christian neighborhood, stating, “Mr. Regalado benefited from the trust and faith of his own Christian neighborhood and marketed over-the-top pledges of wealth to them when he offered them basically useless cryptocurrencies.”
In a nine-minute video reaction, Regalado acknowledged the $1.3 million made from financiers, associating the endeavor to magnificent assistance. Regalado revealed a decision to attend to the charges in court, stating, “God is refrained from doing with this task; God is refrained from doing with INDXcoin.”
The Colorado Securities Commissioner kept in mind that the Regalados did not have previous experience in running a cryptocurrency exchange or developing virtual tokens, which does not appear to have actually moistened his interest nor that of his churchgoers, who will rather appropriately be looking for magnificent refunds.