Denver, Colorado, January 18, 2024 – Eli Regalado, an online pastor based in Colorado, has admitted to defrauding investors in a cryptocurrency scam, claiming that he was acting under divine instructions. Regalado, who raised nearly $3.2 million from over 300 investors through the Kingdom Wealth Exchange, confessed in a video on INDXcoin’s official website that the charges against him and his partner, Kaitlin Regalado, were true.
“The charges are that Kaitlin and I pocketed $1.3 million dollars, and I just want to come out and say those charges are true,” Regalado stated. The Colorado Securities Commission accused him of exploiting the trust of his Christian community in Denver, promising them wealth through investment in the sham token INDXcoin. Most of the funds were raised from the online-only church, Victorious Grace Church, where Regalado serves as a pastor.
An online pastor was charged in CO for a $1.3 million crypto scam. He's released a 9-minute-long video explaining that the Lord told him to sell a cryptocurrency with no clear exit", and spend some of the proceeds on "a home remodel the Lord told us to do".
Here's a supercut. pic.twitter.com/scKpF8nyrT
— Molly White (@molly0xFFF) January 21, 2024
According to Regalado, half of the money raised went to the Internal Revenue Service for taxes, while a significant portion funded a home remodel, which he claims was a divine directive.
“A few hundred thousand dollars went to a home remodel that the Lord told us to do,” he explained.
The Kingdom Wealth Exchange was shut down on November 1, 2023, with Regalado citing insufficient finances to maintain internal servers. He informed INDXcoin holders that God had advised all investors to refrain from selling the token and to “stop being ruled by mammon (chasing money).”
Despite admitting to financial struggles, the lawsuit filed by Colorado Securities Commissioner Tung Chan alleges that the Regalados spent the majority of the $1.3 million on personal luxuries, including cosmetic dentistry, luxury handbags, snowmobiles, home renovations, and luxury vacations.
This case highlights the complex interplay between religion and finance, raising questions about the ethical responsibilities of religious leaders in financial dealings with their communities. The legal proceedings against Eli Regalado and his partner continue to unfold, shedding light on the consequences of mixing spiritual influence with financial schemes.
