Denver pastor Eligio Regalado, facing civil fraud charges related to an alleged multi-million dollar cryptocurrency scheme, addressed his congregation in a video this week, suggesting he might have “misheard God,” according to The Washington Post.
Colorado Securities Commissioner Tung Chan recently filed charges against Eligio Regalado and his wife, Kaitlyn Regalado, over INDXcoin, a cryptocurrency they created, marketed, and sold within their Christian community.
The complaint alleges that Regalado exploited the trust of his congregation, claiming that God directly spoke to him and promised wealth to investors who bought INDXcoin. The couple reportedly made around $3.2 million from over 300 individuals.
The complaint further asserts that an independent audit revealed the cryptocurrency to be “essentially worthless.” It accuses the Regaldos of using the funds to improve their lifestyle while causing substantial losses to their investors.
Colorado Securities Commissioner Tung Chan stated, “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.”
In response to the allegations, Eligio Regalado contested the charges in a video statement this week, explaining that part of the funds went to the IRS, and a significant portion was used for home remodeling, which he believed God directed them to do. Regalado expressed uncertainty about whether he misinterpreted God’s message or if there’s more to unfold in the project.
