US judge ruled a pastor to cheat investors in $3 million cryptocurrency scam

PANews September 17th news, according to Decrypt, the Colorado securities regulatory department stated on Tuesday that the Denver District Court recently ruled that Pastor Eli Regalado and his wife had cheated, demanding that the two repay $3.39 million to investors. The court found that they illegally raised funds from at least 596 investors through the INDXcoin and Sumcoin tokens issued by the church in violation of the Securities Act. The verdict shows that the Regalado couple claimed that "God" instructed them to create, sell and "seed" INDXcoin, and formed a "Prophet Team", which received the latest information on the token and the exchange during multiple weekly conference calls, prayed during key decisions and made suggestions based on the "Divine Decree", and strengthened the religious promotion framework, but this did not exempt them from censorship. In addition, they deposit investor funds into their own accounts, with at least $1.3 million for personal luxury spending.