The filing said more than 300 unwitting investors lost millions of dollars, which the Regalados used to sustain their extravagant lifestyle.
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Regalado claims he and his wife only raked in about $1.3 million from the sales and admitted to spending “a few hundred thousand dollars” on “a home remodel that the Lord told us to do.”
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“Either I misheard God, and every one of you who prayed and came in — you as well. Or two, God is still not done with this project,” Regalado said.
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“God is in the business of doing new things and breaking seals. And he did tell us to do this.”
“I said: Lord, I don’t want to do this. I don’t know how to do this. I don’t have any experience in this industry. I don’t know what I’m doing. I don’t want to be caught up in something.”
Regalado blamed technical issues for his ordeal and denied that anything criminal had occurred.
“We launched an exchange. The exchange technology failed. Things went downhill,” the pastor said. “I know this looks terrible.”
The business venture sank in November, around the time Regalado
said he had a mental breakdown due to signs the operation was failing, leading to demands from investors to get their money back.
atlantablackstar.com
