US: US Pastor Faces Legal Action After Allegedly Pocketing $1.3 Million in Cryptocurrency Scam

US: US Pastor Faces Legal Action After Allegedly Pocketing $1.3 Million in Cryptocurrency Scam

By Ahmad Hadizat Omayoza, Mamos Nigeria

In a startling revelation, US Pastor Eli Regalado, along with his wife Kaitlyn, is now at the center of a civil lawsuit for reportedly selling a worthless cryptocurrency, INDXcoin, to fellow Christians in Colorado. The couple allegedly collected $1.3 million from approximately 300 investors, promising divine guarantees that participants would amass wealth.

The Colorado Attorney General’s Office filed the complaint, contending that despite having no experience in cryptocurrency, the Regalados used their online church platform to persuade investors that God was endorsing the INDXcoin venture. The state’s Division of Securities revealed that the couple also spent funds on luxury items, including a Range Rover, jewelry, handbags, and extravagant trips.

Facing the fraud allegations, Eli Regalado, in a video posted to a forum for INDXcoin investors, admitted to using a portion of the money for home improvements, claiming it was also instructed by God. He acknowledged the charges of pocketing $1.3 million and disclosed that a substantial amount went to the IRS.

Regalado doubled down on his assertion of a God-given mission, stating, “Either I misheard God… or God is still not done with this project,” while expressing hope for a miracle in the financial sector related to INDXcoin.

Colorado Securities Commissioner Tung Chan emphasized the importance of skepticism, cautioning potential investors against trusting get-rich-quick schemes without thorough examination. The legal action is set to unfold in a Denver court next week, as the Regalados grapple with the consequences of their alleged cryptocurrency scam.

Post a Comment

Translate »