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Regalado also said the Lord told him to use investor funds to remodel his home. Related stories"It was last October '21 that the Lord brought this cryptocurrency to me," Regalado told his congregation over video broadcast, per court documents. AdvertisementRegalado addressed why he valued the coins at 10 times the amount: The Lord told him to. I really believe you're going to see a miracle in very short order," Regalado told investors in a video call, per the lawsuit. The lawsuit claims the Regalados told investors they were sowing this money into charitable causes.
Persons: Eli Regalado, Regalado, , Kaitlyn Regalado, Tung Chan, Chan, God, Kaitlyn, Grace, Regalados, INDXcoin, , David Goldberg Organizations: Service, Court, Colorado Securities, Colorado Department of Regulatory, IRS, Business, Wealth, Wealth Exchange, Rover Locations: Colorado, Denver, INDXcoin
DENVER (AP) — A Colorado pastor for an online church who is accused of defrauding investors of more than $3.2 million through a cryptocurrency marketplace he ran with his wife says “the Lord” helped him orchestrate the venture. “What we're praying for, and what we're believing for still is that God is going to do a miracle," he added. Everyone that has come in for money is going to be able to receive money back,” said Regalado, who preaches for the online-only Victorious Grace Church. In an August 2022 update video for his investors and followers, Eli Regalado stated: “The Lord brought this cryptocurrency to me. The Regalados, who had no previous experience selling cryptocurrency, are accused of violating the anti-fraud, licensing and registration provisions of the Colorado Securities Act.
Persons: , Eli Regalado, Kaitlyn Regalado, INDXcoin, Jan, Investigators, Regalado, Organizations: DENVER, Denver, Colorado Division, Securities, Wealth, Rover, Grace, Colorado Securities Locations: Colorado
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