01/23/2024
“Buyer beware” is a phrase every buyer/investor needs to live by. The story below is one where church going people were apparently grossly defrauded. The fraud was made possible due to the blind trust the investors placed in the seller and also in part due to the investors’ own lack of caution motivated by promises of huge rewards.
The Colorado Securities Commission has charged an on-line pastor with massive securities fraud of his church followers, for allegedly selling them totally useless crypto securities and pocketing approximately $1.3 million for his own personal expenses.
“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies” said the Colorado Securities Commission.
I have previously legally represented, in different matters, various Clients who were defrauded by trusted members of their own churches. In each case, there existed a combination of BLIND trust in the seller/business partner and an element of lack of caution/due diligence on the part of the defrauded investor.
In one of those cases, a lady lost over $420,000.00 when she trusted a fellow church goer with her life’s savings. After she hired me, I was able to obtain a Final Judgment against the Con Artist for the full amount of my Client’s losses — but sadly even before I was hired all of my Client’s money had been sent out of the U.S.. The Client needed to settle for our brining in the Broward State Attorney’s Office and then finally obtaining a prison sentence against the Con Artist, but that did not serve to repay the Client for her losses.
The moral of the story: Before you invest your hard earned money in a business venture, be sure to obtain prior professional advice. Trusting a business partner should never entail trusting them blindly. You need to first properly investigate the facts and reach proper contractual arrangements that serve to protect your investment and your other assets from loss.
If you are considering a large investment or considering entering into a business venture, call me and let’s discuss how I may be of service to protect your interests.
Colorado pastor accused of pocketing $1.3M in crypto scheme says 'Lord told us to'
More than 300 people bought INDXcoin, a cryptocurrency created by the pastor and marketed through his online church, which was deemed "illiquid and practically worthless."