Eli Regalado, a Colorado pastor dealing with allegations of defrauding traders of over $3.2 million via a cryptocurrency enterprise, has attributed his actions to divine steerage, insisting that “the Lord” performed a pivotal position in orchestrating the enterprise.
Regalado and his spouse, Kaitlyn Regalado, stand accused of perpetrating a fraudulent scheme concentrating on the Christian neighborhood, luring followers with guarantees of monetary prosperity via a cryptocurrency they created named INDXcoin. The Colorado securities commissioner filed civil fraud prices towards the couple, asserting that they exploited spiritual sentiments to solicit investments within the ill-fated forex.
In response to investigations performed by the Colorado Division of Securities, the Regalados operated a cryptocurrency market beneath the guise of the Kingdom Wealth Alternate, amassing hundreds of thousands from unsuspecting traders between June 2022 and April 2023. Nevertheless, authorities allege that the funds raised have been misappropriated to maintain a lavish way of life, financing extravagant expenditures on luxurious holidays, jewellery, beauty enhancements, and a Vary Rover.
In a stunning flip of occasions, Eli Regalado acknowledged the allegations in a video assertion to his followers, attributing his actions to divine instruction. He claimed that God had communicated with him in a dream, providing steerage on the operation of the cryptocurrency alternate.
“Whereas the costs towards us are true,” Regalado acknowledged, “we imagine that God will intervene and orchestrate a miracle within the monetary sector, restoring prosperity to these invested in INDXcoin.”
The Regalados’ church, which operates from varied areas together with their residence, leisure car, and trip spots, serves because the hub for his or her crypto enterprise. Regardless of missing expertise in cryptocurrency buying and selling, the couple purportedly assured traders of beneficiant returns, invoking spiritual rhetoric to legitimize their actions.
Moreover, the Regalados’ promise to tithe and contribute to charitable causes was allegedly a facade, as investigations revealed that almost all of such funds have been funneled again to the couple themselves.
Dealing with prices of violating anti-fraud statutes and securities rules, the Regalados are scheduled to seem in court docket on January twenty ninth. Their case underscores the risks of monetary exploitation beneath the guise of non secular authority, prompting requires stricter oversight within the cryptocurrency trade.
As authorized proceedings unfold, traders stay eager for restitution, whereas authorities attempt to carry accountable those that exploit religion for private achieve.