Pastor Facing Fraud Charges Allegedly Scams Congregants with Worthless Cryptocurrency
The Colorado pastor, Eli Regalado, is in hot water as civil fraud charges have been filed against him and his wife, Kaitlyn. They stand accused of duping members of their online church with a fraudulent cryptocurrency scheme. In a shocking admission, Regalado revealed that he believed God had promised him and his wife great wealth, instructing them to pocket a staggering $1.3 million of their investors’ money.
Admissions and Miraculous Expectations: Regalado’s Confession
In a video addressed to his followers, Eli Regalado confessed the truth behind the allegations made against him and his wife. He admitted that the charges levied by Colorado officials were indeed true. However, Regalado also expressed his belief that God would soon perform a financial miracle that would bring returns to his flock.
Charges and Allegations: Violating Anti-Fraud Provisions
Regalado and his wife have been formally charged with violating the anti-fraud provisions of the Colorado Securities Act. They allegedly sold a worthless cryptocurrency, called INDXcoin, exclusively to members of the Christian community through their online cryptocurrency market, the Kingdom Wealth Exchange. State officials assert that the couple knowingly sold a cryptocurrency with no clear exit strategy, taking advantage of their community’s trust.
Acting Under God’s Direction: Regalado’s Defense
During court proceedings, Regalado plans to explain his actions in detail, emphasizing that he and his wife were acting under what they believed to be God’s direction. Despite acknowledging the gravity of the situation and the potential misinterpretation of divine instructions, Regalado remains steadfast in his conviction that God is not yet finished with the INDXcoin project.
Misusing Funds: Lavish Lifestyle and Personal Benefits
As investigations unfolded, it was revealed that the Regalados had used a significant portion of the investors’ funds for personal benefit. Approximately $1.3 million was allegedly spent on jewelry, designer handbags, a Range Rover, and even a home remodel. These extravagant purchases were made after sending half a million dollars to the IRS. The state prosecutor accuses the couple of taking advantage of their Christian community’s trust, peddling empty promises of wealth.
The Heartbreak of Betrayal: Trust Shattered within the Christian Community
Colorado Securities Commissioner Tung Chan expressed deep disappointment in Regalado’s actions, remarking on the betrayal of trust within the Christian community. Regalado had leveraged scripture and faith to persuade individuals to invest in a cryptocurrency that ultimately turned out to be worthless. Many of those who trusted him continue to hold onto hope for the illiquid crypto, as demonstrated in the comments on his latest video.
Legal Proceedings and Calls for Accountability
Eli Regalado and Kaitlyn Regalado are scheduled to appear in Denver District Court on January 29 to face the charges against them. Attempts to contact the couple for comment have been unsuccessful thus far. As the legal process takes its course, questions linger about the accountability of those who exploit the trust of their community in pursuit of personal gain.
Analyst comment
This news is negative. The pastor and his wife have been charged with fraud for scamming their congregation with a worthless cryptocurrency. They used the investors’ money for personal benefit and betrayed the trust of their community. The market impact is unclear, but there may be decreased trust in religious figures and caution with investments in similar schemes.
