US Pastor Allegedly Embezzles $1.3 Million, Claims Divine Instruction
In a shocking revelation, a US pastor named Eli Regalado and his wife, Kaitlyn, are facing a civil lawsuit for allegedly duping fellow Christians in Colorado by selling a worthless cryptocurrency known as INDXcoin.
The couple is accused of pocketing $1.3 million from around 300 investors, promising divine guarantees that participants would become wealthy.
The Colorado Attorney General’s Office filed a complaint, revealing that the Regalados, who operate an online church, lacked any experience in cryptocurrency. Despite this, they convinced believers to invest $3.2 million in the dubious venture, purportedly backed by divine intervention.The Colorado Division of Securities, responsible for regulating the securities market in the state, highlighted the lack of expertise of the couple in the cryptocurrency realm.
The lawsuit alleges that the funds were used for personal expenses, including home renovations, luxury items such as a Range Rover, jewelry, handbags, and snowmobile trips.
In response to the fraud allegations, Eli Regalado defended himself by insisting that he was following divine instructions. In a video posted on a forum for INDXcoin investors, he admitted to using part of the funds for home improvements, claiming it was a directive from above.Regalado stated, “So the charges are that Kaitlyn and I have pocketed $1.3 million, and I just want to come out and say that those charges are true. Out of that 1.3, half a million dollars went to the IRS and a few $100,000 went to a home remodel that the Lord told us to do.
”The pastor acknowledged the possibility of a misunderstanding in his communication with God but expressed hope for a divine intervention, saying, “Either I misheard God… or God is still not done with this project.”Colorado Securities Commissioner Tung Chan cautioned potential investors against falling for get-rich-quick schemes.
He emphasized the alleged exploitation of trust within the Christian community, stating, “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.
”The couple is scheduled to appear in a Denver court next week to face the legal repercussions of their actions. NBC News reported on the unfolding case, underscoring the need for consumers to exercise skepticism when confronted with new coins and exchanges, which can be easily created using open-source code.Credit: NBC news