A US pastor, Eli Regalado, and his wife, Kaitlyn, are at the center of a civil lawsuit, accused of orchestrating a cryptocurrency scam that saw them allegedly pocketing $1.3 million from unsuspecting investors.
The couple, who operate an online church, purportedly sold the so-called INDXcoin to fellow Christians in Colorado, promising divine blessings and financial prosperity.
The Colorado Attorney General’s Office, in a complaint, details how investigators discovered that around 300 individuals invested a staggering $3.2 million based on the couple’s claims that God was firmly backing their venture.
Astonishingly, the Regalados, with no prior experience in cryptocurrency, utilized their religious influence to encourage believers to partake in the dubious investment scheme.
Despite lacking any foundation in the cryptocurrency realm, the couple’s divine assurances seemed to captivate their followers.
The Colorado Division of Securities, responsible for regulating the securities market, emphasized the egregious nature of the fraud, given the Regalados’ blatant lack of expertise in the field.
In response to the mounting allegations, Eli Regalado doubled down on his assertion that he was merely following divine instructions.
In a video posted to a forum for INDXcoin investors, he confessed to diverting funds for personal use, including a substantial amount for home renovations, all purportedly at the behest of divine guidance.
Regalado’s admission of using $1.3 million, with half a million directed to the IRS and a significant portion for home remodeling, raises ethical questions about the supposed divine intervention.
The lawsuit alleges that the couple indulged in a lavish lifestyle, acquiring luxury items such as a Range Rover, jewelry, swanky handbags, and even funding extravagant snowmobile trips.
Facing legal repercussions, Regalado acknowledged the possibility of misinterpreting his divine hotline but maintained hope for a miraculous intervention in the financial sector.
“Either I misheard God… or God is still not done with this project,” he stated, emphasizing the uncertainty surrounding the situation.
Colorado Securities Commissioner Tung Chan cautioned potential investors against falling prey to get-rich-quick schemes, highlighting the betrayal of trust within the Christian community.
The lawsuit underscores the need for skepticism and due diligence, particularly when confronted with promises of extraordinary wealth based on questionable ventures.
As the case unfolds, with the couple scheduled to appear in a Denver court, it prompts reflection on the intersection of faith, trust, and financial transactions.
The intricate web of deception woven by the Regalados challenges the boundaries between religious conviction and financial integrity, leaving the legal system to untangle the threads of this unorthodox cryptocurrency scandal.
