Eli Regalado, a Colorado-based online pastor, is facing fraud charges related to selling a cryptocurrency that has been deemed “worthless.”
Allegedly pocketing $1.3 million dollars in cryptocurrency, the pastor told followers in a video statement that the Lord told him to do so. He and his wife marketed INDXcoin, their cryptocurrency, to Christian communities in Denver. He informed his followers that God told him that those who invested in his cryptocurrency would become wealthy.
The securities division said that INDXcoin raised $3.2 million and a complaint filed Tuesday said that $1.3 million went directly to the Regalados. Eli Regalado confirmed that the charges of pocketing the money were true in a video statement made for his followers last week. He pressed saying that the choice to pocket the money and use it towards the IRS and a home remodel was made in response to the Lord telling him to do so.
Among the expense of a home remodel, they also allegedly spent investors’ funds on a Range Rover, luxury handbags, jewelry, boat rentals, and snowmobile excursions.
However, in an interesting and perplexing twist of events, Regalado told INDXcoin holders to refrain from selling the token saying that the Lord urged them not to be driven by material wealth.
“Either I misheard God, and every one of you who prayed and came in — you as well. Or two, God is still not done with this project,” said Regalado.
