VIDEO: Colorado-based pastor charged in crypto scam says God helped him
Eli Regalado
A Colorado-based pastor, who reportedly ran a cryptocurrency marketplace with his wife, and defrauded investors of more than $3.2 million, said that "the Lord" helped him in the alleged scam.
Eli Regalado preaches for the online-only Victorious Grace Church. He along with his wife, Kaitlyn Regalado, were slapped with civil fraud charges filed by Colorado's securities commissioner.
The official alleged that the couple scammed the Christian community by telling them that God would make them wealthy if they invested in INDXcoin, which is a cryptocurrency designed by him. They ran the Kingdom Wealth Exchange cryptocurrency marketplace.
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The complaint filed on January 16 noted that INDXcoin raised about $3.2 million from more than 300 people who invested in the "illiquid" and "essentially worthless" currency.
As reported in the US-based media, the investigators revealed that Regalados spent at least $1.3 million of those funds on a lavish lifestyle.
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They went on vacations and bought expensive jewellery, luxury handbags, cosmetic dentistry, clothing, and items for home renovations. They also might have purchased a Range Rover car using some of the funds.
They had shut down the exchange on November 1.
Disclaimer: WION cannot independently verify the authenticity of photos and videos shared on social media.
Regalado released a video statement to his followers last week, saying that the charges that he and his wife pocketed the money "are true".
"Out of that $1.3 (million), half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel that the Lord told us to do," he said in the video as quoted by media reports.
He noted in the videos that God appeared to him in a dream and gave him advice on how to run the cryptocurrency exchange.
He added, "What we're praying for, and what we're believing for still is that God is going to do a miracle. God is going to work a miracle in the financial sector. He's going to bring a miracle into INDXcoin."
"Everyone that has come in for money is going to be able to receive money back," said Regalado.
(With inputs from agencies)