Eli Regalado, pastor of a Denver-based online church, created the cryptocurrency INDXcoin supposedly on God’s orders—and then urged parishioners to invest and get rich. Now the Colorado pastor and his wife, Kaitlyn, face charges of securities fraud.
RELATED: Denver Church Converts Gym Into Emergency Shelter for Migrants Amid Freezing Temperatures
Regalado, founder of Victorious Grace Church, said in 2021 he heard God say, “Take this [cryptocurrency] to my people for a wealth transfer.” He promised parishioners they’d earn a tenfold return and “very soon…have more money than you’ve ever had in your life.”
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
Unfortunately for investors, the currency was worthless, and they have no way to recoup their losses. INDXcoin could be traded only on Regalado’s Kingdom Wealth Exchange, which he shut down last November. The website for his church has also been shuttered.
In Video, Colorado Pastor Admits to Pocketing $1.3 Million
On Jan. 18, the Colorado Securities Commissioner filed civil fraud charges against the Regalados and various entities, saying they raised almost $3.2 million from more than 300 individuals. “We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community,” said Commissioner Tung Chan. “He peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies.”
The lawsuit states that defendants “took the investment money for their own benefit.” The Regalados allegedly directed $290,000 to their church, a nonprofit they own. Other investment funds went toward the couple’s cosmetic dentistry, luxury vehicles, jewelry, a nanny, and more.
“Defendants told investors that they would ‘tithe’ and ‘sow’ in causes that helped widows and orphans,” according to the lawsuit, “but the payments to ‘widows and orphans’ were primarily to the Regalados.”
Eli Regalado responded by posting a nine-minute video on Jan. 20. “The charges are that Kaitlin and I pocketed $1.3 million dollars,” he said, “and I just want to come out and say those charges are true.” About half of their total earnings went to the IRS, he added, and “a few hundred thousand dollars went to a home remodel that the Lord told us to do.”
‘You’re Going To See a Miracle,’ Pastor Promises
Last November, Regalado shut down Kingdom Wealth Exchange, saying he and Kaitlyn were on the “doorstep of poverty.” Yet he urged investors to stay put. “Stay in INDXcoins,” he said. “I’m going to make a way. Just take that word as gospel truth.” Regalado added, “I really believe you’re going to see a miracle in very short order.”
