Denver Pastor Responds to Allegations of Crypto Fraud
Denver pastor Eli Regalado, who is currently facing a lawsuit filed by Colorado’s securities commission for allegedly defrauding investors through the sale of the valueless INDXcoin cryptocurrency, has released a video responding to the allegations.
Admission of Inability to Cash Out Funds
In the video, Regalado admits that investors are unable to cash out their funds and explains the challenges they have faced with their failed exchange technology.
Awaiting a Miracle from God
Regalado claims to have been waiting for a miracle from God to resolve the situation, stating that they launched an exchange that failed and have been waiting on the Lord for a miracle ever since.
Pastor’s Identity as Ordained Minister
Both Regalado and his wife, Kaitlyn, identify themselves as ordained ministers with Destiny Churches and Ministries International.
Accusations of Misuse of Funds
The Regalados are accused of using INDXcoin funds for personal expenses while falsely claiming the funds would go towards helping widows and orphans.
Confirmation of Charges and Explanation of Expenses
In the video, Regalado confirms the charges against him, admitting that he and his wife pocketed $1.3 million. He explains that a significant portion of the funds was paid to the IRS and used for a home renovation they believed was instructed by God.
Hope for Divine Intervention
Regalado expresses hope for a divine miracle that will make investors whole, emphasizing that they sold a cryptocurrency with no clear exit strategy. He believes that everyone who invested will eventually be able to receive their money back.
Supportive Comments from Investors
The comments under the video are largely supportive of Regalado, praising his courage for addressing the situation and expressing faith in God’s guidance.
Legal Actions Taken Against the Regalados
Following the civil complaint, Judge David Goldberg has frozen the bank accounts of the Regalados and their associated businesses at the request of state regulators. The couple is scheduled to appear in Colorado District Court on January 29th for an initial hearing.
Recent SEC Lawsuits Highlighted
The article mentions recent SEC lawsuits involving cryptocurrencies and the questions raised by judges regarding the agency’s regulations and authority.
Hot Take: Pastor Justifies Home Renovation as Part of God’s Plan
In response to allegations of using crypto scam funds for a $300,000 home renovation, Denver pastor Eli Regalado claims that it was part of God’s plan. He believes that a divine miracle will resolve the situation and make investors whole. While supportive comments have been made in response to his video addressing the allegations, legal actions have been taken against the Regalados, including freezing their bank accounts. The couple is set to appear in court for an initial hearing. This case highlights ongoing concerns and questions surrounding cryptocurrency fraud and regulatory oversight.
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