Judge Orders Freezing of Colorado Crypto Pastor’s Accounts

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By BitcoinWiki News

Key Takeaways:

– Colorado pastor and his wife accused of orchestrating a $3 million crypto fraud scheme
– Pastor and wife were charged with fraud by the Colorado Division of Securities
– Couple launched their own cryptocurrency called INDXcoin through the Kingdom Wealth Exchange
– Raised over $3.2 million from over 300 people
– Report by auditor Hacken called INDXcoin code “unsafe, unsecure and riddled with serious technical problems”
– Pastor seemingly admitted to charges brought against him and his wife
– Judge barred them from selling crypto in the state and froze their accounts


Title: Colorado Pastor and Wife Barred from Selling Crypto in $3 Million Fraud Case

Summary:
A Colorado pastor and his wife have been accused of orchestrating a $3 million crypto fraud scheme and have been barred from selling crypto in the state. They are facing fraud charges after they were found to have pocketed $1.3 million worth of crypto. The couple created their own cryptocurrency called INDXcoin and promoted it to Christian communities in Denver, claiming that God told them investors would become wealthy if they put money into the coin. However, an auditor’s report called INDXcoin code “unsafe, unsecure and riddled with serious technical problems,” giving it a rating of “zero out of 10”. Despite this, the couple allegedly continued to promote the coin as a low-risk, high-profit investment. In a since-deleted video, the accused pastor seemingly admitted to the charges, claiming that they used the money for renovations and that God was not done with the project. The couple is facing legal action and has had their accounts frozen by regulators.

1. Allegations and Charges
The Colorado pastor and his wife have been accused of orchestrating a $3 million crypto fraud scheme. They were charged with fraud after it was discovered that they had pocketed $1.3 million worth of crypto. The couple’s actions were allegedly targeted at Christian communities in Denver, with claims that God told them investors would become wealthy if they put money into their cryptocurrency, INDXcoin.

2. Creation and Promotion of INDXcoin
The Regalados created their own cryptocurrency called INDXcoin and launched a faith-based crypto exchange called Kingdom Wealth Exchange. They raised over $3.2 million from over 300 people, with the husband and wife duo allegedly spending a large portion of the funds on personal expenses. Despite an auditor’s report calling INDXcoin code “unsafe, unsecure and riddled with serious technical problems,” the couple continued to promote the coin as a low-risk, high-profit investment.

3. Admission and Response
In a since-deleted video, the accused pastor seemingly admitted to the charges, claiming that they used the money for renovations and that God was not done with the project. The couple is facing legal action and has had their accounts frozen by regulators. They were out of town and not in attendance during the recent hearing.

4. Legal Proceedings and Judge’s Comments
The judge presiding over the case referred to it as a sad case in which someone in the name of faith, preyed upon his congregants, and he did so in the name of the Lord. The couple has been barred from selling crypto in the state and will continue to have their accounts frozen by regulators.

5. Conclusion
The case of the Colorado pastor and his wife accused of orchestrating a $3 million crypto fraud scheme serves as a cautionary tale about the risks associated with fraudulent schemes, especially when promoted within religious communities. The legal proceedings against the couple highlight the consequences of fraudulent actions in the cryptocurrency space and the need for regulatory measures to protect investors from such fraudulent activities.

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