Eli Regalado Responds to Lawsuit Allegations in INDXcoin Video
Eli Regalado, a Denver pastor who is being sued by Colorado’s securities commission for selling “valueless” INDXcoin cryptocurrency, has addressed the allegations in a video posted on INDXcoin’s community forum. In the video, Regalado admits that investors currently have no way to cash out their funds. He explains that the exchange technology failed and they have been waiting for a miracle ever since. Both Regalados claim to be ordained ministers with Destiny Churches and Ministries International, and the church has promoted INDXcoin on its Facebook page.
Regalados Accused of Misusing INDXcoin Funds
The Regalados are accused of using INDXcoin funds to purchase luxury items, including a Range Rover, jewelry, and handbags, while misleading investors about the use of the funds. In the video, Regalado admits that they did pocket $1.3 million from the funds, with a portion going to the IRS and a home remodel. However, he expresses hope for a divine miracle that will allow investors to receive their money back.
Supportive Comments and Frozen Bank Accounts
The comments under the video post are largely supportive of Regalado, praising his bravery and faith. Meanwhile, Judge David Goldberg has frozen the bank accounts associated with the Regalados and their businesses following the civil complaint. The couple is scheduled for an initial hearing in Colorado District Court on January 29th.
Hot Take: Will Divine Intervention Save INDXcoin Investors?
In his video response to the lawsuit allegations, Eli Regalado acknowledges that investors currently have no way to cash out their INDXcoin funds. While admitting that they did pocket a significant amount of money from the funds, Regalado expresses hope for a divine miracle that will allow investors to receive their money back. However, with frozen bank accounts and an upcoming court hearing, the future of INDXcoin and its investors remains uncertain. Will divine intervention truly save the day or will the legal proceedings determine the fate of the cryptocurrency?
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