Eli Regalado, leader of online church, faces accusations of defrauding christian communities
Eli Regalado, a pastor and leader of an online church, confesses to allegations of stealing $1.3 million in a cryptocurrency fraud scheme. Promoting their cryptocurrency, INDXcoin, to Christian communities in Denver, Colorado, the pastor and his wife Kaitlyn claim divine guidance for their actions.
The Colorado Division of Securities issued a statement revealing that Eli Regalado invoked divine instructions, asserting that God promised wealth to those who invested in their cryptocurrency. Despite the lack of experience in cryptocurrency, the couple raised nearly $3.2 million from over 300 people. A complaint filed in Denver County District Court indicates that at least $1.3 million was diverted for personal use.
“The Regalados had no experience in cryptocurrency, which was clear when a third-party auditor’s report allegedly described their INDXcoin code as unsafe, unsecure, and riddled with serious technical problems,” states the Colorado Division of Securities press release.
The complaint discloses that the INDXcoin was ‘illiquid and practically worthless.’ Despite the technical issues, the Regalados continued to market their cryptocurrency as a low-risk, high-profit investment.
The funds acquired were allegedly used for a lavish lifestyle, including purchases such as a Range Rover, luxury handbags, jewelry, an au pair, boat rentals, and snowmobile adventures. Commissioner Chan warns consumers to be skeptical of promises related to new coins and exchanges.
Regalado has admitted to the charges of pocketing $1.3 million. In a video statement to his followers on the INDXcoin community forum, he acknowledges the charges and mentions expenses such as half a million dollars to the IRS and home remodeling, claiming it was directed by the Lord.
“We took God at his word and sold a cryptocurrency with no clear exit. What we’re believing for still is that God is going to do a miracle. God is going to work a miracle in the financial sector,” Regalado adds.
The case highlights the risks associated with trusting unverified cryptocurrency schemes and serves as a reminder for consumers to exercise caution when presented with promises of significant returns.
