A US pastor, Eli Regalado, and his wife, Kaitlyn, are entangled in a legal battle as they confront a civil lawsuit accusing them of orchestrating a fraudulent cryptocurrency scheme.
According to Skynews, the couple allegedly sold a seemingly worthless cryptocurrency, INDXcoin, to fellow Christians in Colorado, amassing $1.3 million while assuring investors of divine guarantees for financial prosperity.
According to the complaint filed by the Colorado Attorney General’s Office, approximately 300 people invested $3.2 million in INDXcoin, believing in the couple’s claims that God supported the venture.
Despite lacking any experience in cryptocurrency, the Regalados, who operate an online church, presented the investment as a pathway to wealth.
Facing the fraud allegations, Eli Regalado maintained his conviction in a divine mission, expressing, “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.”
He disclosed the utilization of funds for a home remodel, citing divine guidance: “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 couple is accused of indulging in a lavish lifestyle with funds allocated for a Range Rover, jewelry, upscale handbags, and snowmobile trips, as outlined in the complaint.
Despite the legal action filed in Denver last week, Eli Regalado expressed hope in divine intervention for the cryptocurrency venture: “Either I misheard God… or God is still not done with this project.”
Colorado Securities Commissioner Tung Chan cautioned potential investors to approach get-rich-quick schemes with skepticism. He emphasized the 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 Regalados are scheduled to appear in a Denver court next week to address the legal allegations surrounding the alleged cryptocurrency scam.
