In a recent turn of events, a Colorado pastor leading an online church, Eli Regalado, and his wife find themselves entangled in legal troubles. The Colorado Division of Securities has filed a complaint revealing that the couple promoted their cryptocurrency, INDXcoin, within Denver's Christian communities, asserting that divine guidance promised wealth through investments.
The complaint discloses that at least $1.3 million from the raised $3.2 million directly benefited the Regalados or was diverted for personal use. In a video statement, Regalado admitted to the charges, stating that $500,000 was directed to the IRS, and a substantial sum went into a home renovation allegedly mandated by the divine.
The couple faces accusations of violating anti-fraud provisions under the Colorado Securities Act, as investor funds were allegedly misused for personal indulgences. These include expenses such as a Range Rover, luxury items, hiring an au pair, boat rentals, and even snowmobile adventures.
As the legal proceedings unfold, this case sheds light on the potential misuse of trust within religious communities and the consequences of financial schemes tied to divine claims. The story serves as a cautionary tale, emphasizing the importance of due diligence and skepticism, even in matters that purport to have spiritual backing.
