A pastor in the United States (US) is facing fraud charges for allegedly pocketing US$1.3 million (S$1.7 million) through the sale of a ‘worthless’ cryptocurrency he and his wife created.
The pastor allegedly told Christian community members that God told him those who invested in the token would turn rich.
Source: Molly White on YouTube
The pastor has since put out a video admitting to the charge and saying he might have misheard God.
According to a press release issued by the Colorado Department of Regulatory Agencies, the pastor — identified as Eli Regalado — is facing civil fraud charges filed by the Colorado Attorney General’s Office.
Mr Regalado and his wife Kaitlyn had allegedly sold INDXcoin, a cryptocurrency they created, to members of the Christian community.
Source: INDXcoin
The couple, who run an online church, did so through an online exchange that they created, controlled, and operated.
In the 10 months between June 2022 and Apr 2023, 300 people invested more than US$3.2 million (S$4.29 million) in the token.
Mr Regalado allegedly told Christian devotees that he had heard directly from God, telling him that people would become rich if they invested in INDXcoin.
The commissioner who filed the complaint, however, called the token “essentially worthless” and accused the couple of taking advantage of the “trust and faith” of their Christian community.
He further claimed that the couple were inexperienced in cryptocurrency.
Indicators of this include the unsafe and unsecure nature of the INDXcoin code. The code was also plagued with “serious technical problems”.
Despite receiving an auditor’s report about the code, the couple continued marketing the token as a low-risk, high-profit investment.
The complaint stated that while investors lost millions in the scheme, the couple used the proceeds to fund their “lavish lifestyle”.
Mr Regalado has since posted a video responding to the charges, claiming that he sold the cryptocurrency “with no clear exit” after taking God at his word.
He also admitted to pocketing US$1.3 million (S$1.7 million), which went to financing:
Additionally, Mr Regalado said that he and his wife spent a few hundred thousand dollars on renovating their house — which the “lord told them (us) to do”.
Despite the charges, it seems he hasn’t given up hope on the project:
Either I misheard God…or God is still not done with this project.
Mr Regalado also stated that he still believes that God will work a miracle in the financial sector and is praying for that to happen.
Also read: PM Lee Warns Of Crypto Scams & Fake Ads Using His Image, Urges Public Not To Respond
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Featured image adapted from Victorious Grace on Facebook and INDXcoin.
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