Colorado Pastor Allegedly Takes $1.3M in Crypto Scheme, Claims Divine Direction

Uncovering the Astounding Allegations Against Eli Regalado and His Wife

In a startling turn of events, Eli Regalado, a Colorado-based pastor, and his wife have found themselves ensnared in a web of cryptocurrency fraud that has rocked Denver’s Christian communities. The couple stands accused of orchestrating a scheme that allegedly pocketed a staggering $1.3 million from unsuspecting investors. Astonishingly, Eli Regalado claimed that the Lord himself sanctioned their actions, leaving a trail of bewilderment and questions in their wake.

The Divine Revelation

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Eli Regalado, along with his wife, embarked upon a mission to market their cryptocurrency, aptly named INDXcoin, to the Christian communities of Denver. Purportedly guided by divine intervention, Regalado preached that investing in INDXcoin would yield unparalleled wealth. Uttering that fateful phrase, “God told me to do it,” Regalado convinced his followers that their financial blessings awaited them through this crypto venture.

A False Promise Unveiled

Unfortunately, the promise of divine wealth transfer proved hollow. The Colorado Division of Securities swiftly shed light on the alarming truth behind the glittering facade presented by Eli Regalado. INDXcoin, barely a speck in the vast cryptocurrency landscape, was revealed to be an illiquid and essentially worthless scheme. The Securities Division further emphasized that this particular cryptocurrency could only be found on the now-defunct Kingdom Wealth Exchange, rendering it entirely useless.

Allegations of Personal Benefit

A complaint filed in Denver County District Court alleges that at least $1.3 million of the raised funds from INDXcoin were channeled directly into the Regalados’ personal accounts or reaped for their own personal gain. Luxury acquisitions such as a Range Rover, opulent handbags, lavish jewelry, and even snowmobile adventures were allegedly funded by the hard-earned investments of unsuspecting followers. The couple’s ostentatious lifestyles, propelled by the trust they had gained within the Christian community, now stand as stark reminders of the deception that unfolded.

 

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The Fallout and Criminal Charges

Colorado Securities Commissioner Tung Chan, having been alerted by victims who had invested and consequently lost their money, acted swiftly in filing civil fraud charges against Eli Regalado and his wife. These charges stem from their alleged violation of anti-fraud provisions under the Colorado Securities Act. Chan expressed deep sorrow over the breach of trust that Regalado exploited, manipulating the faith and trust of his fellow believers to persuade them to invest in a cryptocurrency with no real value.

Unraveling the Charade

Eli Regalado’s journey, spanning from a troubled past to his rise as a pastor, bears the markings of a man craving salvation and redemption. Regalado claimed that his calling to become a pastor had been ordained while serving a prison sentence for car theft. The online-only Victorious Grace Church became the platform through which he sought spiritual elevation, with Regalado and his wife listed as its sole employees.

Seemingly devoid of any expertise in the realm of cryptocurrency, Regalado attributed the divine origin of INDXcoin to a revelation he received back in October 2021. Professing that the Lord desired a “wealth transfer” for his people, Regalado embarked on the audacious mission of promoting this cryptocurrency to his congregation and other affiliated churches.

The Tragic Consequences

During the span of June 2022 to April 2023, INDXcoin managed to raise an astonishing $3.2 million through the sale of unregistered securities. Invoking religious fervor and quoting scripture in numerous videos on INDXcoin’s YouTube channel, Regalado assured his investing flock of an imminent “miracle” and urged them to exercise patience while waiting for God’s plan to unfold. However, amid these lofty promises, the couple allegedly diverted the majority of the funds into their own coffers, forsaking the charitable causes of helping widows and orphans that they had pledged to support.

 

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The Legal Repercussions

Eli Regalado, his wife, and their three affiliated companies now face a plethora of charges, including securities fraud, unlicensed broker-dealer activity, selling unregistered securities, and the imposition of a constructive trust. They are slated to appear in Denver District Court in the coming week, as indicated by the court docket.

Seeking Justice and Healing

As the investigations into the astounding allegations against Eli Regalado and his wife unfold, the Colorado Division of Securities encourages any individuals who have invested in INDXcoin to come forward and contact them. This troubling saga serves as a stark reminder of the importance of due diligence, even when cloaked in the guise of faith and spirituality.

May the truth prevail, enabling those affected to find solace, and may the wounds inflicted by this deceitful enterprise begin to heal.

 

Source:nbcnews.com

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