Online pastor Eli Regalado has landed himself in hot water after selling over $3 million worth of “worthless” INDXcoin tokens to followers. Regalado claims he only did so because “the Lord” instructed him to give believers the gift of a 10X return.
Alongside his partner Kaitlin, Regalado now faces fraud charges in Colorado related to issuing and marketing the sham cryptocurrency to their Christian community under the auspices of divine wealth promises.
The state’s Securities Commissioner condemned Regalado stating: “We allege that Mr. Regalado took advantage of the trust and faith of his Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies.”
In a bizarre video posted after the charges emerged, Regalado confirmed he and his partner pocketed $1.3 million raised from 300 investors who purchased the meaningless coins through their “Kingdom Wealth Exchange” platform.
Beyond lining their own pockets, Regalado claims God instructed the couple to allocate funds towards a divinely-inspired home remodel. However, officials reported the pair splurged on luxury items and vacations.
While proclaiming spiritual backing for the “worthless” crypto asset, Regalado ultimately shut down the exchange after lackluster sales – telling followers God demanded they refrain from selling while accepting his poverty claims despite alleged personal spending sprees.
This story involving betrayal of religious trust paired with baseless promises of wealth leaves digital assets with yet another black eye. But at least authorities seem intent on holding the perpetrators accountable.
#CryptoFraud #OnlinePastor #ColoradoSecuritiesCommission
