2024-01-20 10:38:21
The level of crypto fraud has been raised to a whole new level by the American pastor and his wife, who collected money from committed Christians with a token supposedly made at the behest of God. Eligio “Eli” Regalado and his wife, Kaitlyn, who live near Denver, Colorado, USA, have reportedly raised $3.2 million through INDXcoin. This token through an online church outside Victorious Grace was released.
According to the couple, they only acted according to God’s instructions with INDXcoin
The party was sued by the Colorado Securities and Exchange Commission over the case a week ago. They are accused of defrauding investors and selling securities without permission. A judge also ordered the freezing of Victorious Grace’s assets. The Regalados claim that INDXcoin was linked to an index of various cryptocurrencies and was a suitable asset behind it as a hedge. However, according to the Securities and Exchange Commission, there was nothing behind the coin other than roughly the will of God. According to the court filing, the pastor took advantage of the investors’ faith and promised that God would guarantee the success of the investment.
From the very beginning, the pastor claims that INDXcoin is not a security, but a token that can be used and thus does not apply to the rules regarding securities. In an INDXcoin forum, he wrote several times that according to God, INDXcoin is “not a security”. INDXcoin might only be exchanged for USD through an exchange called Kingdom Wealth. Through a platform also controlled by the couple. According to Colorado authorities, the exchange was routinely shut down to prevent it from collapsing. If a larger number of investors wanted to redeem their coins, Eli Regalado convinced them. By the fact that God commanded them to pray.
Finally, last year, Kingdom Wealth was shut down, but investors continued to be persuaded by the word of God not to get out of the investment. Of the more than $3.2 million in earnings, the couple allegedly spent around $1 million on luxury bags, dental treatments, trips, renovations and vacations. On January 19, Eli Regalado admitted this in a video. But he said a significant portion went to the IRS and they only spent a few hundred thousand dollars renovating their house. According to God’s instructions.
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