PANews reported on September 17th, according to Decrypt, that the Colorado Securities Regulator announced on Tuesday that a Denver District Court recently convicted Pastor Eli Regalado and his wife of fraud and ordered them to repay $3.39 million to investors. The court found that they violated securities laws by issuing INDXcoin and Sumcoin tokens through their church, illegally raising funds from at least 596 investors. The verdict revealed that the Regalados claimed that "God" instructed them to create, sell, and "seed" INDXcoin. They also formed a "prophetic team" that held multiple weekly conference calls to obtain updates on the token and the exchange. They prayed and provided "divine advice" on key decisions, strengthening their religious promotion framework. However, this did not protect them from scrutiny. Furthermore, they deposited investor funds into their own accounts, spending at least $1.3 million on personal luxury items.PANews reported on September 17th, according to Decrypt, that the Colorado Securities Regulator announced on Tuesday that a Denver District Court recently convicted Pastor Eli Regalado and his wife of fraud and ordered them to repay $3.39 million to investors. The court found that they violated securities laws by issuing INDXcoin and Sumcoin tokens through their church, illegally raising funds from at least 596 investors. The verdict revealed that the Regalados claimed that "God" instructed them to create, sell, and "seed" INDXcoin. They also formed a "prophetic team" that held multiple weekly conference calls to obtain updates on the token and the exchange. They prayed and provided "divine advice" on key decisions, strengthening their religious promotion framework. However, this did not protect them from scrutiny. Furthermore, they deposited investor funds into their own accounts, spending at least $1.3 million on personal luxury items.
US judge finds pastor guilty of defrauding investors in $3 million cryptocurrency scam
PANews reported on September 17th, according to Decrypt, that the Colorado Securities Regulator announced on Tuesday that a Denver District Court recently convicted Pastor Eli Regalado and his wife of fraud and ordered them to repay $3.39 million to investors. The court found that they violated securities laws by issuing INDXcoin and Sumcoin tokens through their church, illegally raising funds from at least 596 investors. The verdict revealed that the Regalados claimed that "God" instructed them to create, sell, and "seed" INDXcoin. They also formed a "prophetic team" that held multiple weekly conference calls to obtain updates on the token and the exchange. They prayed and provided "divine advice" on key decisions, strengthening their religious promotion framework. However, this did not protect them from scrutiny. Furthermore, they deposited investor funds into their own accounts, spending at least $1.3 million on personal luxury items.
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