A Colorado pastor and his wife are accused of pocketing $1.3 million through a cryptocurrency fraud scheme, promoting their cryptocurrency, INDXcoin, to Christian communities as a high-profit, low-risk investment.
Eli Regalado said, “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.”
Colorado Securities Commissioner Tung Chan said, “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.”
They allegedly used investors’ funds for personal expenses and misled them with promises of wealth, while the cryptocurrency was essentially worthless.
Colorado pastor accused of pocketing $1.3M in cryptocurrency scheme says:
“Lord told us to.” pic.twitter.com/OXIH1WOgvV
— Episodes (@episodesent) January 23, 2024
“We took God at his word and sold a cryptocurrency with no clear exit,” explained Regalado.
“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,” he continued.
“It was last October [20]21 that the Lord brought this cryptocurrency to me. He said, ‘Take this to my people for a wealth transfer,’” said Regalado in a video.
The couple faces charges of securities fraud, unlicensed broker-dealer activity, and selling unregistered securities.
They are scheduled to appear in court, and potential investors are urged to contact the Colorado Division of Securities.
Chan said, “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.”
“That’s really heartbreaking for the people who trusted him,” he continued.
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