Colorado Pastor Accused in $1.3M Crypto Scheme Claims the Lord Told Him to Do it

A Colorado pastor of an online church claims the Lord told him to steal $1.3 million in cryptocurrency.

According to the Colorado Division of Securities, Eli Regalado and his wife promoted their cryptocurrency, INDXcoin, to Denver’s Christian communities, claiming God told him that investing would lead to wealth.

In a complaint filed on Tuesday in Denver County District Court, it was revealed that at  least $1.3 million went directly to the Regalados or was “used for their own personal benefit.”

The Securities Division claims INDXcoin raised nearly $3.2 million.

Last week, Regalado admitted in a video statement that the charges that they pocketed $1.3 million “are true.”

He said: “Out of the $1.3 [million], 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.”

According to the complaint, the couple, accused of violating anti-fraud provisions under the Colorado Securities Act, reportedly misused investors’ funds for personal expenses, including a Range Rover, luxury items, an au pair, boat rentals, and snowmobile adventures.

Civil fraud charges were filed shortly after Colorado Securities Commissioner Tung Chan was approached by investors who lost money with INDXcoin.

“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” Chan said.

According to the complaint, Regalado promised investors that God told him they would be wealthy if they invested in INDXcoin. He marketed it as a low-risk, high-profit opportunity tied to the average value of the top 100 cryptocurrencies.

“They specifically went out to the Christian community, and there’s a lot of references to scripture and faith. He cloaks himself in that to get people to give their money to him,” said Chan. “That’s really heartbreaking for the people who trusted him.”

The Securities Division revealed that, in truth, INDXcoin was “illiquid and practically worthless.” The cryptocurrency, exclusively accessible through Kingdom Wealth Exchange, is now unsellable.

“We took God at his word and sold a cryptocurrency with no clear exit,” Regalado in his video address Friday. “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.”

Under Regalado’s video comments, many believers assured him that God will “turn the situation around.”

According to reports, Regalado, his wife, and their three companies are being charged with securities fraud, unlicensed broker-dealer activity, selling unregistered securities, and imposing a constructive trust.