WILD | Pastor charged with
"A pastor in Denver who said that God told him to sell cryptocurrency that could not be cashed is facing civil charges, along with his wife, for marketing a digital coin that prosecutors said was “practically worthless” and using the proceeds to support a “lavish lifestyle.”
The pastor, Eligio Regalado, and his wife, Kaitlyn Regalado, were charged on Thursday in a civil complaint filed in Denver District Court by the Colorado Attorney General’s Office, the Colorado Division of Securities said in a statement. The agency said that the couple created, marketed and sold a cryptocurrency that they called INDXcoin through a cryptocurrency exchange, which they also ran.
Prosecutors said that the couple, who had no experience in cryptocurrency exchanges, marketed the INDXcoin to Christians in Denver, and raised nearly $3.2 million from more than 300 people who bought it from June 2022 to April 2023. Mr. Regalado and his wife then used the money for themselves, the Colorado Division of Securities said.
In a video addressing the complaint last week, Mr. Regalado said that he did not want investors to be “mad” at the prosecutors.
“They have to do this,” he said. “I mean, if you think about this: We sold a cryptocurrency with no clear exit. We did. We took God at his word and sold a cryptocurrency with no clear exit.”
Mr. Regalado said that because of problems with the cryptocurrency exchange, investors could not take their money out.
Mr. Regalado also said in the video that he went into the cryptocurrency business because “the Lord” told him to. He said that God had once come to him a dream and asked him to do so, and he accepted that he and his wife spent the funds in “a home remodel that the Lord told us to do.”
Mr. Regalado said that he still hoped that investors could get their money back, and that he believed “God is going to work a miracle in the financial sector.”"
NYTimes
#cryptotrading #finance #investing #EligioRegalado #INDX
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