Pastor Scams Fellow Christians, Pocketing $1.3 Million in Cryptocurrency Scheme
SCAMMER PASTOR – Eli Regalado, a pastor in the US, along with his wife, Kaitlyn, is facing a lawsuit for selling a cryptocurrency called INDXcoin to fellow Christians in Colorado, allegedly duping them into believing divine guarantees of wealth. The couple, who operate an online church, managed to convince around 300 people to invest $3.2 million, despite lacking any experience in cryptocurrency.
The Colorado Attorney General’s Office filed a complaint, revealing that the couple used the funds for personal expenses, including a home remodel, luxury items like a Range Rover, jewelry, and snowmobile trips. Regalado, confronted with the fraud allegations, justified his actions by claiming he was following God’s instructions.
In a video posted on a forum for INDXcoin investors, Regalado admitted to pocketing $1.3 million and explained that part of it went to the IRS, while another portion was used for home improvements, which he asserted was a divine command. The couple’s extravagant spending raised eyebrows, with the lawsuit exposing their lack of cryptocurrency expertise.
Despite facing legal action, Regalado remained steadfast in his belief that the project still had God’s backing. He admitted there might have been communication issues with the divine, but he hoped for a financial miracle in the INDXcoin project.
The complaint highlighted the couple’s exploitation of their Christian community’s trust and faith, emphasizing that they made unrealistic promises of wealth through worthless cryptocurrencies. Colorado Securities Commissioner Tung Chan warned potential investors against blindly trusting get-rich-quick schemes, emphasizing the need for skepticism.
According to ABS-CBN News, the couple is set to appear in a Denver court next week to address the charges. The lawsuit sheds light on the importance of caution when approached with investment opportunities and the potential risks associated with fraudulent schemes, urging consumers to be skeptical in the face of enticing promises.