coinspress.com
In the midst of legal scrutiny from Colorado's securities commission, Denver pastor Eli Regalado and his wife find themselves embroiled in a dispute over the alleged sale of the 'valueless' INDXcoin cryptocurrency, with millions at stake.
Regalado, responding to the accusations, has shared a video on the INDXcoin community forum to present his perspective.
He openly acknowledges the challenges investors face in the cryptocurrency venture, acknowledging that there’s currently no recourse for them to retrieve their invested funds. He attributes this predicament to unexpected technical glitches in the exchange platform, leading to a downward spiral, and asserts that they’ve been patiently awaiting a fortuitous turn of events.
Identifying as ordained ministers associated with Destiny Churches and Ministries International, the Regalados have garnered support for INDXcoin from Destiny Churches’ Facebook page, boasting around 1,000 followers. Their online-only Victorious Grace Church is emphasized as the primary platform for this support.
BusinessDen reports suggest that the Regalados are accused of diverting INDXcoin funds for personal expenditures, such as a Range Rover, jewelry, and luxury handbags. This is in stark contrast to their promises to investors that the funds would be dedicated to charitable causes supporting widows and orphans.
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Regalado, in the video, concedes to the allegations, confirming, “The charges that Kaitlyn and I pocketed $1.3 million… those charges are accurate.” He provides further details, explaining that a substantial portion of the funds was directed to the IRS, and the rest was used for a home renovation, guided by what he believes to be divine instruction.
In response to the legal proceedings, Judge David Goldberg takes decisive action by freezing the bank accounts associated with the Regalados and their businesses, following the request of state regulators. The Regalados are slated to make an appearance in Colorado District Court on January 29th for an initial hearing.