‘What we’re believing for still is that God is going to do a miracle’
By Joe Kovacs
Eli and Kaitlyn Regalado (Video screenshot)
A Christian pastor says he’s banking on a miracle after being accused of pocketing $1.3 million in a cryptocurrency scheme, claiming “the Lord told us to.”
The Colorado Division of Securities says Eli Regalado and his wife Kaitlyn marketed their cryptocurrency, INDXcoin, to Christian communities in Denver, claiming “God told him directly that investors would become wealthy if they put money into INDXcoin.”
The state says: “The Regalados had no experience in cryptocurrency which was clear when a third-party auditor’s report allegedly described their INDXcoin code as unsafe, unsecure and riddled with serious technical problems. Despite that report, the Regalados allegedly continued to promote the INDXcoin as a low risk, high profit investment.”
The complaint alleges that in reality, the INDXcoin was illiquid and practically worthless, investors lost millions, and defendants dissipated investor funds to support their lavish lifestyle.
“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,” said Colorado Securities Commissioner Tung Chan.
“New coins and new exchanges are easy to create with open source code. We want to remind consumers to be very skeptical.”
“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,” said Chan. “That’s really heartbreaking for the people who trusted him.”