Denver pastor accused of cryptocurrency fraud: $300,000 home remodel was God’s idea
Eli Regalado, a Denver pastor who is being sued by the Colorado Securities Commission along with his wife for selling millions of dollars worth of ‘worthless’ INDXcoin cryptocurrency, made the allegations in a video uploaded to the INDXcoin community forum. I answered this question.
In the video, Pastor Eli Regalado admits that he and his wife Kaitlyn’s cryptocurrency investors currently have no way to cash out their investments.
“We started exchanging, but the exchanging technology failed and things got worse. From that point on, we were literally waiting for a miracle from the Lord,” says Regalado.
Both Regalados claim to be ordained pastors of Destiny Churches and Ministries International, according to a post on the online-only Victorious Grace Church’s Facebook page. Destiny Churches promoted INDXcoin to their 1,000 followers on their Facebook page.
According to BusinessDen, Regalados cashed out his INDXcoin funds to spend lavishly on Range Rover, jewelry, luxury handbags, etc. and told investors that the funds would be used to help widows and orphans.
“There are allegations that Kaitlyn and I pocketed $1.3 million,” Regalado said in the video. “The charges are true.” “Of that $1.30, $500,000 went to the IRS, and hundreds of thousands of dollars were used to remodel homes as the Lord directed us to do.”
Regalado says he hopes a divine miracle will make investors whole. “We sold cryptocurrency without a clear exit, so prosecutors have to take that and say, ‘These people were willing to sell cryptocurrency without a clear exit,’ and that’s what we did,” Regalado says. “What we have been praying for and what we still believe is that God will work a miracle in the financial sector. He will bring miracles to INDXcoin. Anyone who came in for the money will get their money back.”
The comments under the post are largely supportive. One commenter said: “You’re so brave to put out this video… “God will guide us all and God will get all the glory,” he declared. “We agree 100%,” Regalado responded.
Judge David Goldberg froze the bank accounts of Regalados and related companies at the request of state regulators following a civil lawsuit. Regalados is scheduled for an initial hearing Jan. 29 in Colorado District Court.
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