Many bad actors use Christianity as a means to swindle people out of the money they have worked so hard for.
Pastor Eli Regalado, along with his wife, are accused of fraud for allegedly using cryptocurrency to lure people into investing in their organization. They allegedly took a large portion of the money for themselves. The pastor justified his actions, claiming that God had told him to use the money for extravagant purchases.
The Colorado Division of Securities released a statement on Thursday that Eli Regalado, his wife, and their cryptocurrency, INDXcoin were marketing it to Christian communities in Denver. They claimed God had told them people would be wealthy if they invest, according to the Colorado Division of Securities.
The Securities Division reported that INDXcoin had raised almost $3.2 million. A complaint filed in Denver County District Court on Tuesday said that at least $ 1.3 million of this amount went to the Regalados directly or was used for their benefit.
Eli and Kaitlyn Regalado were not available for comment. However, in a video message to his followers, Eli Regalado stated that the allegations they had pocketed $1.3M “are true.”
In the video, he stated that “half a million dollars of the $1.3 [million] went to the IRS while a few hundred thousand went to a remodel we were told to do by the Lord.”
According to the complaint, they also spent their money on a Range Rover and luxury handbags. They also hired an au pair. They rented boats, went snowmobiling, and rented a boat.
The couple was charged with violating the Colorado Securities Act’s anti-fraud provisions.
Maybe I’m not in the right line of work. I must mention that the Lord has told me that I can sell you some cheap oceanfront property in Idaho. Hit me up for details.
Now, let’s get back to the story.
Colorado’s Securities Commission explained that the charges were filed after she was alerted of the Christian cryptocurrency scam.
Colorado Securities Commissioner Tung Chan told NBC News she filed civil fraud charges against INDXcoin after being approached by investors who lost money.
Chan, in a press release, said that “we allege that Mr. Regalado exploited the trust and faith that his Christian community had placed in him and that he made outlandish claims of wealth when he sold essentially worthless cryptocurrency to them.”
Regalado, a man accused of fraud, allegedly convinced people to invest in his worthless cryptocurrency after claiming that God told him those who invested would be wealthy. He promised a “miracle”, while they waited to see “God’s Plan” materialize. He promised to donate the money for charitable purposes, including a home renovation and a new Range Rover car for himself and his wife.
There are people like Regalado, who take advantage of others by using their faith. The rise of the Prosperity gospel was a major problem. Unscrupulous preachers convinced people to give money to support their extravagant lifestyles by promising that God would bless those who donated. This story is a warning to those who may be taken advantage of by charismatic “pastors.”