Online Church Pastor Faces Fraud Charges for Selling $3.2 Million in “Worthl

The pastor of an online church in Colorado is facing fraud charges for allegedly selling $3.2 million worth of “worthless” cryptocurrency to his congregation. Eligio “Eli” Regalado and his wife Kaitlyn, who runs Victorious Grace Church in Denver, are accused of defrauding their parishioners by promoting their new cryptocurrency, INDXcoin, as a legitimate investment opportunity. The couple allegedly told their followers that the cryptocurrency was backed. By real estate and other assets, but in reality, it was worthless.

The online church pastor is accused of fraud for selling $3.2 million in "worthless" cryptocurrency. The scene could show a figure in a pastor's attire surrounded by digital currency symbols and a sense of deception

Regalado and his wife are facing civil fraud charges for their alleged involvement in the cryptocurrency scheme. It is believed that the couple targeted Christians in the area with offers for their new cryptocurrency. They claimed was a way to invest in the future of their church. However, after raising $3.2 million from victims who invested in their cryptocurrency, the couple is now facing legal action.

The allegations against the pastor have caused shockwaves in the Christian community, as many of his followers are now questioning their faith and the legitimacy of their church. The case highlights the dangers of investing in unregulated cryptocurrencies and the importance of conducting thorough due diligence before investing in any new venture.

Key Takeaways

  • The pastor of an online church in Colorado is facing fraud charges for allegedly selling $3.2 million worth of “worthless” cryptocurrency to his congregation.
  • Eligio “Eli” Regalado and his wife Kaitlyn are accused of promoting their new cryptocurrency, INDXcoin, as a legitimate investment opportunity, but in reality, it was worthless.
  • The case highlights the dangers of investing in unregulated cryptocurrencies and the importance of conducting thorough due diligence before investing in any new venture.

Pastor’s Alleged Cryptocurrency Fraud

The online church's pastor stands accused of fraud for selling $3.2 million in "worthless" cryptocurrency

Charges and Allegations

Eligio “Eli” Regalado, a pastor of an online church, and his wife Kaitlyn Regalado are facing civil fraud charges for selling $3.2 million worth of a cryptocurrency called INDXcoin to their Christian followers. The state securities regulators in Colorado deemed the cryptocurrency to be “worthless,” and the couple allegedly pocketed $1.3 million of the funds for their personal use.

The Regalados marketed the cryptocurrency on YouTube and other social media platforms, targeting their Christian followers. They claimed that INDXcoin was a “Christian cryptocurrency”. That would allow users to donate to Christian causes and receive a return on investment. However, the state securities regulators found that the cryptocurrency. Had no real-world utility and was not registered with the authorities.

Investigation Findings

The investigation found that the Regalados used the funds raised from the sale of INDXcoin for personal expenses. Including remodeling their home. Eli Regalado admitted to pocketing $1.3 million of the funds. Because God told him to use some of the money to remodel their home. He also claimed that they gave $500,000 to the Internal Revenue Service.

The state securities regulators froze the financial accounts of the couple to prevent them from dissipating the funds. They also ordered the couple to pay restitution to their investors and pay civil penalties. The Regalados face charges of violating the Colorado Securities Act, including fraud and selling unregistered securities.

The alleged cryptocurrency fraud committed by the pastor and his wife is a reminder of the risks associated. With investing in unregistered and unregulated cryptocurrencies. Investors should exercise caution and conduct thorough due diligence. Before investing in any cryptocurrency.

Impact and Reactions

Pastor accused of fraud, surrounded by shocked congregation. News headline flashes on giant screen. Church logo prominent in the background

Community Response

The news of the Pastor’s alleged fraud has caused a stir in the online church community. Many parishioners invested in cryptocurrency. Now left with worthless investments, leading to feelings of anger and betrayal. Some members of the community have expressed their disappointment in the Pastor. His wife accused of defrauding their followers.

Legal Implications

The legal implications of the Pastor’s alleged fraud are significant. The state securities regulators have charged the Pastor with civil fraud. And he and his wife could face serious consequences if found guilty. The charges against the Pastor serve as a reminder that the sale of cryptocurrency is not exempt from securities laws. And that individuals who engage in fraudulent activity will be held accountable.

It is important to note that the Pastor has denied the allegations and is challenging the charges against him. The case outcome will have significant implications for the online church community and the regulation of cryptocurrency sales.

By Jastra Kranjec

Jastra is an author at CryptoPresales. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, crypto, and financial markets.