Colorado Pastor Accused in $1.3M Crypto Scheme Claims the Lord Told Him to Do it

A Colorado pastor of a web based church claims the Lord informed him to steal $1.3 million in cryptocurrency.

Based on the Colorado Division of Securities, Eli Regalado and his spouse promoted their cryptocurrency, INDXcoin, to Denver’s Christian communities, claiming God informed him that investing would result in wealth.

In a criticism filed on Tuesday in Denver County District Courtroom, it was revealed that at  least $1.3 million went on to the Regalados or was “used for their own personal benefit.”

The Securities Division claims INDXcoin raised practically $3.2 million.

Final week, Regalado admitted in a video assertion that the fees that they pocketed $1.3 million “are true.”

He stated: “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.”

Based on the criticism, the couple, accused of violating anti-fraud provisions underneath the Colorado Securities Act, reportedly misused traders’ funds for private bills, together with a Vary Rover, luxurious gadgets, an au pair, boat leases, and snowmobile adventures.

Civil fraud fees had been filed shortly after Colorado Securities Commissioner Tung Chan was approached by traders who misplaced cash with INDXcoin.

“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,” Chan stated.

Based on the criticism, Regalado promised traders that God informed him they might be rich in the event that they invested in INDXcoin. He marketed it as a low-risk, high-profit alternative tied to the typical worth of the highest 100 cryptocurrencies.

“They specifically went out to the Christian community, and there’s a lot of references to scripture and faith. He cloaks himself in that to get people to give their money to him,” stated Chan. “That’s really heartbreaking for the people who trusted him.”

The Securities Division revealed that, in fact, INDXcoin was “illiquid and practically worthless.” The cryptocurrency, solely accessible by way of Kingdom Wealth Trade, is now unsellable.

“We took God at his word and sold a cryptocurrency with no clear exit,” Regalado in his video deal with Friday. “What we’re believing for still is that God is going to do a miracle. God is going to work a miracle in the financial sector.”

Underneath Regalado’s video feedback, many believers assured him that God will “turn the situation around.”

Based on stories, Regalado, his spouse, and their three corporations are being charged with securities fraud, unlicensed broker-dealer exercise, promoting unregistered securities, and imposing a constructive belief.