Accused of fraud, a Colorado pastor has invoked “the Lord” as his defense, saying God told him to do it.
Eli Regalado and his wife Kaitlyn Regalado allegedly defrauded investors to the tune of $3.2 million, according to authorities.
Civil fraud charges have been filed by Colorado’s securities commissioner after the Regalados allegedly stole from a Christian community in Denver, telling them that investing in the cryptocurrency he created would result in God making them rich.
Investigators from the Colorado Division of Securities called INDXcoin “illiquid” and “essentially worthless,” despite the money pumped in form over 300 investors from June 2022 to April 2023.
The Regalados allegedly used at least $1.3 million of the money they raised to take vacations and buy goods and services like jewelry, clothes, home renovations and cosmetic dentistry as well as financing the purchase of a Range Rover.
Eli Regalado has responded to the allegations in the form of a video to his followers where he refuted the allegations.
“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, saying God appeared to him in a dream and advised him on running the cryptocurrency site Kingdom Wealth Exchange, which he created.
“What we're praying for, and what we're believing for still is that God is going to do a miracle," he added. "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,” Regalado added. “Either I misheard God... Or two, God is still not done with this project.”
The pastor, who preaches for the online-only Victorious Grace Church, and his wife are scheduled to appear in court on January 29.