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Denver Pastor Ordered to Repay $3.4M in Crypto Fraud Case
Denver Pastor Ordered to Repay $3.4M in Crypto Fraud Case
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BTCCSquare news:
A Colorado court has ruled against Eli and Kaitlyn Regalado, finding the Denver pastor and his wife liable for defrauding hundreds of investors through their cryptocurrency schemes. The couple raised $3.39 million from nearly 600 investors by selling INDXcoin and Sumcoin tokens, which were falsely marketed as safe investments despite having no market value and failing audits.
Judge Heidi Kutcher's judgment follows a May bench trial where state attorneys revealed the Regalados claimed divine inspiration for their crypto venture, allegedly telling investors 'God' instructed them to create the tokens. The ruling comes alongside separate felony charges that could lead to prison time for the couple.
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