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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
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. Mr. Regalado and Ms. Regalado did not immediately respond to requests for comment on Tuesday. It was unclear whether they had a lawyer.
Persons: God, Eligio Regalado, Kaitlyn Regalado, Regalado Organizations: Court, Colorado Attorney General’s, Colorado Division, Securities, Prosecutors Locations: Denver
Some insurers have stopped selling new policies in states like California and Florida. "We're seeing escalating catastrophe risk, a historic rise in inflation, and the cost to recover and rebuild homes is increasing." Still, Friedlander doesn't see Florida's insurance market improving any time soon. Beyond the rising risk of disaster, property insurers are also dealing with construction costs that are outpacing inflation, according to an analysis by the Insurance Information Institute. Insurers saw a 55% increase in rebuilding and replacement costs between 2019 and 2022.
Persons: Carole Walker, Walker, Mark Friedlander, Friedlander, Ian, Ron DeSantis Organizations: Service, Rocky Mountain Insurance Association, State Farm, Allstate, Colorado Division of Insurance, FAIR, Property Insurance Corporation, Insurance, Research, Institute, Contractors Locations: California, Florida . Colorado, Gulf Coast, California , Colorado , Florida , Louisiana, Texas, Colorado , New Mexico , Utah, Wyoming, Colorado, California , Louisiana, Florida
"The Colorado Division of Gaming is not currently and has not considered allowing sports betting wagers on WWE matches," they said. It issued a public statement advising WWE to work with the gaming industry. replied Adam Greenblatt, CEO of BetMGM, whether he would be eager to accept wagers on the WWE's scripted matches. The American Gaming Association, which represents both commercial and tribal operators, told CNBC: "Both regulators and operators must have confidence in the integrity of the competitions." "Ultimately, most industry stakeholders seem to view WWE betting as even more optically-challenging than betting on awards shows," Sharp Alpha Advisors managing director Lloyd Danzig said.
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