A US pastor, Eli Regalado, embroiled in a $3.2 million cryptocurrency fraud scandal, has admitted to pocketing $1.3 million from the scheme, asserting he was following divine steering. Regalado and his spouse, Kaitlyn, stand accused of promoting a purportedly nugatory cryptocurrency, INDXcoin, to fellow Christians in Colorado, promising divine blessings and monetary prosperity.
The civil lawsuit, introduced forth by the Colorado Lawyer Normal’s Workplace, alleges that the Regalados preyed upon their congregation, persuading 300 people to take a position hundreds of thousands below the guise of divine endorsement. Regardless of missing any experience in cryptocurrency, the couple purportedly peddled INDXcoin with guarantees of divine help, as revealed by the Colorado Division of Securities.
In response to the accusations, Eli Regalado reaffirmed his perception in a God-given mission, admitting to diverting funds for private use, together with house renovations, which he claimed have been guided by divine instruction.
In a candid video posted to an INDXcoin investor discussion board, Regalado addressed the allegations, confirming the authenticity of the fees: “So the fees are that Kaitlyn and I’ve pocketed $1.3 million, and I simply need to come out and say that these expenses are true.”
Acknowledging the allocation of funds for tax obligations and residential enhancements, Regalado reiterated his conviction in following divine directives, regardless of the authorized ramifications.
The grievance additional particulars the couple’s lavish expenditures on luxurious gadgets, together with a Vary Rover, jewellery, designer purses, and indulgent leisure actions akin to snowmobile journeys.
Whereas grappling with the upcoming authorized motion filed in Denver, Regalado conceded the potential for miscommunication in his purported hotline to God, expressing optimism that divine intervention would prevail.
The case underscores the susceptibility of people to exploitation within the burgeoning cryptocurrency market, notably inside non secular communities the place belief and religion are deeply intertwined. As authorities pursue authorized motion towards perpetrators of crypto fraud, the incident serves as a cautionary story, emphasizing the significance of due diligence and skepticism in funding endeavors, regardless of purported divine endorsements.