A Colorado pastor and his wife, accused of orchestrating a fraudulent cryptocurrency scheme, have invoked divine guidance as their defense.
Eli Regalado, along with his wife Kaitlyn Regalado, faces civil fraud charges for allegedly defrauding investors of over $3.2 million through a cryptocurrency marketplace they operated, claiming God’s involvement in their venture.
According to the complaint filed by Colorado’s securities commissioner, the Regalados targeted the Christian community, assuring followers that investing in their cryptocurrency, INDXcoin, would lead to financial prosperity as ordained by God.
However, investigations revealed that the currency was illiquid and essentially worthless, raising questions about the legitimacy of their claims.
From June 2022 to April 2023, the Regalados purportedly amassed funds from more than 300 investors, diverting a significant portion, approximately $1.3 million, to support a lavish lifestyle. This included extravagant expenses such as vacations, jewelry, luxury items, and home renovations, casting doubt on their intentions.
In a video statement addressing the allegations, Eli Regalado acknowledged the charges but attributed their actions to divine instruction. He claimed that God had appeared to him in a dream, guiding him on how to manage the cryptocurrency exchange.
Colorado’s False Charitable Claims
Despite admitting to the misuse of funds, he expressed hope for a miraculous intervention, believing that God would rectify the situation and ensure investors receive their money back.
The Regalados, who operate the online-only Victorious Grace Church, purportedly utilized their religious platform to promote INDXcoin, emphasizing biblical principles of abundance and blessings.
Investigative reports from Colorado, however, indicate that their claims of making charity contributions to support widows and orphans were false, with the Regalados themselves receiving the majority of the money.
The couple’s lack of experience in cryptocurrency trading further underscores the dubious nature of their venture, raising concerns about compliance with securities regulations.
The case underscores the nexus of faith, finance, and fraud as they get ready for court proceedings in Colorado on January 29. It also serves as a warning about believing promises of wealth with religious undertones out of the blue.
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