Colorado Pastor and Wife Accused of Defrauding Investors

[47of74]

Pastor Eli Regalado had a message for his followers...

Quote

After months of prayers and cues from God, he was going to start selling cryptocurrency, he announced in a YouTube video last April. The Signature and Silvergate banks had collapsed weeks earlier, signaling the need to look into other investment options beyond financial institutions, he said. With divine wisdom, he said, he was “setting the rails for God’s wealth transfer.”

Shortly afterward, Regalado and his wife, Kaitlyn Regalado, launched a cryptocurrency, INDXcoin, and began selling it to members of his Victorious Grace Church and other Christian communities in the Denver area. They sold it through the Kingdom Wealth Exchange, an online cryptocurrency marketplace he created, controlled and operated.

The couple’s sales pitches were filled with “prayer and quotes from the Bible, encouraging investors to have faith that their investment … would lead to ‘abundance’ and ‘blessings,’” the complaint said. 

But Colorado state regulators say that INDXcoin was “essentially worthless.” Instead of helping investors acquire wealth, the Regalados used around $1.3 million of the investment funds to bankroll lavish expenditures, including a Range Rover, jewelry, cosmetic dentistry and extravagant vacations, the complaint said. The money also paid for renovations to the Regalados’ Denver home, the complaint said.

Relgalado's hoping God will bail him out and that he "misheard God."

Edited January 24 by 47of74

[clueliss]

As someone who has deconstructed from Evangelicalism, this crap is why I really don’t want to go to an actual church.  

[47of74]

23 hours ago, clueliss said:

As someone who has deconstructed from Evangelicalism, this crap is why I really don’t want to go to an actual church.  

I hope Jesus appears at some of these grifters homes and does this...