God Instructed Me To Do It – Pastor Accused Of $3.2 Million Cryptocurrency Scam Reveals [Watch Video] - 255 Views
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A pastor conducting online services from Colorado is now confronting fraud charges for purportedly misappropriating $1.3 million in funds from a cryptocurrency scheme he promoted among his followers. The scheme successfully raised nearly $3.2 million, leading to legal action against the pastor.
Eligio “Eli” Regalado and his spouse, Kaitlyn Regalado, find themselves named in a legal complaint recently submitted to Colorado’s securities commissioner, where they stand accused of violating the anti-fraud, licensing, and registration provisions outlined in the Colorado Securities Act.
The complaint asserts various allegations, including the accusation that the Regalados specifically targeted a devout Christian community, leveraging Eli’s religious position to promote a product deemed “unsafe” and “unsecure.” According to the securities commissioner, investors, who were led to believe that God played a direct role in the cryptocurrency venture, have collectively suffered losses in the millions.
The Regalados initiated the sale of their cryptocurrency, known as INDXcoin, within the Denver Christian community around June 2022. By April 2023, they had garnered nearly $3.2 million from over 300 individuals, as per a statement from the Colorado Division of Securities released on Thursday.
Notably, the couple not only promoted the currency, labeled as “illiquid” and “practically worthless” in the legal complaint, to their parishioners but also exclusively traded it through Kingdom Wealth Exchange (KWE), an online cryptocurrency platform they had personally established, controlled, and operated.
As part of their marketing strategy, the Regalados informed followers and potential investors that Eli had received a divine directive to create the cryptocurrency, asserting that those who invested would achieve wealth. This claim was reiterated by Regalado in a recent video addressing his followers.
“The Lord said:
I want you to build this,” he said in the message. “We took God at his word and sold a cryptocurrency with no clear exit.”
He also went on to assure followers his trust in God had not faltered and he believes divine intervention is still to come, saying: “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.”
In the video, Eli also confirmed that $1.3 million of the money went into his own pockets, some of which he and his wife used for a home remodel.In the video, Eli also confirmed that $1.3 million of the money went into his own pockets, some of which he and his wife used for a home remodel.
“Out of the $1.3 [million], half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel the Lord told us to do,” he said.
The legal complaint alleges that the Regalados spent the money on more than just God’s word, accusing the couple of maintaining a “lavish lifestyle,” which included the purchase of a Range Rover, luxury handbags, jewelry, an au pair, boat rentals and snowmobile rides, while investors lost large sums in what they were told was a “low risk, high-profit investment” ordained by God.
“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,” Colorado Securities Commissioner Tung Chan said in a statement.“New coins and new exchanges are easy to create with open-source code. We want to remind consumers to be very skeptical.”
Regalado, who has no prior experience in the financial or crypto sectors, said in the video that their planned exchange technology failed due to technical issues, making it impossible for investors to cash out. He likewise admitted that he had doubts about starting INDXcoin in the first place.
“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,” said Eli. “I don’t know what I’m doing. I don’t want to be caught up in something.”
Still, dozens of followers commented beneath the clip, reassuring the pastor that they believed God would find a solution for him yet.
“What we’re believing for still is that God is going to do a miracle,” Regalado’s video said. “God is going to work a miracle in the financial sector.”
Meanwhile, the Colorado Division of Securities is urging individuals who have invested in INDXcoin or any of Regalado’s other enterprises to get in touch with them.
Eli and Kaitlyn Regalado, along with three companies associated with Eli, face charges related to securities fraud, engaging in unlicensed broker-dealer activity, selling unregistered securities, and the imposition of a constructive trust. Their scheduled appearance is set for next week in Denver District Court.
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