Unholy Allegations: Colorado Pastor Faces Fraud Charges Over “Worthless” Cryptocurrency
In a startling revelation, a Colorado pastor of an online church, Eligo Regalado, and his wife, Kaitlyn Regalado, are facing civil fraud charges for allegedly defrauding parishioners of millions of dollars through the sale of a cryptocurrency deemed “essentially worthless” by state securities regulators.
Background of Alleged Fraud
Colorado Securities Commissioner (CSC) Tung Chan filed civil fraud charges against the couple, accusing them of targeting members of the state’s Christian community. The complaint alleges that the Regalados enriched themselves by promoting a cryptocurrency token named INDXcoin, which state regulators deemed “illiquid and practically worthless.”
The couple purportedly sold these tokens through their cryptocurrency exchange, Kingdom Wealth Exchange, from June 2022 to April 2023. The sales reportedly funded the couple’s extravagant lifestyle. The unexpected shutdown of the Kingdom Wealth Exchange on November 1 added a mysterious twist to the unfolding saga.
Exploitation of Trust
Commissioner Chan expressed dismay at how Mr. Regalado allegedly exploited the trust and faith of his Christian community, selling them cryptocurrencies that were deemed essentially worthless. The complaint paints a picture of outlandish promises of wealth made by Regalado to his community.
Divine Justification
In response to the allegations, Regalado released a nine-minute video acknowledging that the charges of making $1.3 million from investors were true. He claimed that he and his wife took God at His word, sold a cryptocurrency with no clear exit, and were divinely instructed to abandon their former business to take over INDXcoin.
Despite the allegations and the apparent failure of the cryptocurrency venture, Regalado expressed unwavering faith, stating, “God is not done with this project; God is not done with INDX coin.”
Lack of Experience and Cryptocurrency Landscape
The Colorado Securities Commissioner highlighted that the Regalados had no prior experience operating a cryptocurrency exchange or creating a virtual token before launching INDX two years ago. This incident sheds light on the ease with which individuals, even without experience, can create and launch a cryptocurrency token.
Legal Proceedings
Regalado, in the video, affirmed his intention to go to court to address the allegations against him and his wife. The unfolding legal battle will likely determine the repercussions for the couple and the fate of INDXcoin.
As the legal proceedings progress, the case serves as a stark reminder of the potential risks and ethical considerations within the cryptocurrency space, especially when intertwined with matters of faith and trust in religious communities.
Disclaimer: The content of this article is the opinion of the writer. Nothing in this article is intended to constitute financial advice. The content of this article is intended for entertainment and educational purposes only. Investing in cryptocurrency carries a high degree of risk. Capital is at risk, and returns are never guaranteed. It would be best if you always did your research.
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