Coin Edition -
- Online pastor and wife admitted to pocketing $1.3 million worth of crypto funds.
- Mr. Regaldo defended that half of it went as Internal Revenue Service (IRS) payments and the other half as “Lord-instructed” home remodeling.
- The couple reveals they are “waiting on the Lord literally for a miracle.
An online pastor and his wife, facing charges of selling “worthless” cryptocurrency, admitted to pocketing $1.3 million but claim they’re relying on a divine miracle to resolve the financial mess.
In a video response, Reverend Eli Regalado admitted to the charges brought against him and his wife, Kaitlyn, by the Colorado Division of Securities. While acknowledging the $1.3 million figure, he defended half of it as Internal Revenue Service (IRS) payments and the other half as “Lord-instructed” home remodeling.
The cryptocurrency in question, INDXcoin, lacked a clear exit plan for buyers, leading Colorado Securities Commissioner Tung Chan to deem it “worthless.” “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,” said Commissioner Chan.
Despite the charges and the lack of a cash-out option for investors, Mr. Regalado clings to hope for divine financial intervention.
We sold a cryptocurrency with no clear exit. We did… What we’re praying for and 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.
Blaming the failed exchange for the current predicament, Mr. Regalado claims they’ve been “waiting on the Lord literally for a miracle.”
Beyond securities fraud, the Commissioner also accuses the couple and their companies of operating without a license and selling unregistered securities. They’re scheduled for a court hearing on January 29 regarding a preliminary injunction request.
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