The pastor of the victorious grace church in Colorado ,Pastor Eligio “Eli” Regalado and his wife, Kaitlyn,are in the face of judgment over an allege of defrauding members with fake crypto token.
These members were been leverage upon in believing that the crypto token is from God and it’s success is guaranteed by Him .
After a planned fund rasing campaign,Mr regalado and his wife raised millions of dollars,which reportedly,$1.3 million was misused by them on luxuries,vacations,home renovations and other personal expenses.
The God backed token ,INDXcoin was created,which raised around $3.2 million from it’s sales,and was been exchanged for dollars at regalados controlled exchange, “Kingdom wealth exchange”
LIVE CRYPTO RATES FOR TODAY
| Name | Price | 24H (%) |
|---|---|---|
 Bitcoin(BTC) | $98,239.41 | 5.07% |
 Ethereum(ETH) | $3,142.95 | 1.48% |
 XRP(XRP) | $1.12 | -1.21% |
 Cardano(ADA) | $0.79 | -4.26% |
 Bitcoin Cash(BCH) | $522.92 | 18.40% |
 Litecoin(LTC) | $90.00 | 4.47% |
 Monero(XMR) | $161.91 | 1.40% |
 IOTA(IOTA) | $0.166807 | -3.02% |
 Dash(DASH) | $28.32 | 2.47% |
 NEM(XEM) | $0.021324 | -2.00% |
This platform was on several occasions shut down by the owners to avoid a bank check run and returns for the investors were not given.
Regalados faced legal actions as the Colorado Securities Commissioner filed a lawsuit against the them, accusing them of fraudulent activities and illegal sale of securities without proper registration.
According to the SEC, the token was not backed up which the accused disclaimed saying it was backed up a Cryptocurrency index and had secured enough assets.
Furthermore,They claimed the the token being a utility asset and not a security ,therefore stating that the INDXcoin needs no security regulations.
investors in agony as the lament on the issue stating that the were being faith decieved.
“Defendant Eli leveraged the potential investors’ faith,” complaint laments.
Other investors laments that they were instructed to hold the INDXcoin as it was a command from God.
As seen in a video on the INDXcoin community site, Eli Regalado admitted all charges and confessed were the funds were moved to.
As stated by him , These funds went to the IRS and home remodel which God commanded him to do.
Finally, All assets of the online church, Victorious Grace Church has been frozen by the Judge and a request for a preliminary injunction by SEC has been delivered .
