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Pastor accused of stealing $1.3 million in crypto scheme says the ‘Lord told us to’
A US pastor has been accused of stealing a staggering $1.3 million from his fellow Christians using a fraudulent cryptocurrency scheme.�
As Christian teachings dictate in Ephesians 4:28: Anyone who has been stealing must steal no longer, but must work, doing something useful with their own hands, that they may have something to share with those in need.
Not very Christian of him
Pastor Eli Regalado and his wife Kaitlyn are said to have marketed their cryptocurrency, INDXcoin, to Christian communities around the Denver, Colorado, area. Officials said that Eli believed God had told him to invest.�
A press release from the Colorado Division of Securities said: “The Regalados had no experience in cryptocurrency which was clear when a third-party auditors report allegedly described their INDXcoin code as unsafe, unsecure and riddled with serious technical problems.
The couple allegedly crowdfunded $3.2 million from more than 300 people. But, $1.3 million was either directly transferred to them or used for their own personal benefit.
Despite their crypto being largely useless, the couple used the raised funds for their own lavish lifestyle. This included the purchasing of luxury clothing items, boat rentals, snowmobile trips and even a brand-new Range Rover.�
Commissioner Chan said the pastor took advantage of the trust and faith of his own Christian community.
Pastor responds to the crypto claims
Since the criminal complaint was filed, Pastor Regalado has admitted to the charges and addressed those affected on the community page of INDXcoin.
“The charges are that Kaitlyn and I pocketed �1.3m, and I just want to… say that those charges are true, he said. “There’s been �1.3m that’s been taken out of, I think, �3.4m, but out of the 1.3, half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel the Lord told us to do.
He added: “I don’t want to mince words or escape but I want to… tell you how we got here. It wasn’t that we had a million dollars sitting there and decided to go crazy with it.”
“We took God at his word and sold a cryptocurrency with no clear exit, he further argued. “What we’re believing for still is that God is going to do a miracle. God is going to work a miracle in the financial sector.”
