Colorado Pastor And Wife Charged With Fraud For Selling Millions In Crypto Scheme Because “The Lord Told Us To”

Posted January 23, 2024 by with 4 comments

When I saw the word “crypto” in this story, I had to do a double take, because I couldn’t believe the fake Monopoly money scam is still out there? Feels very 2018. I guess this is a little surprising, in that it involves a pastor who’s not charged with raping any kids. Instead, just some good old fashioned fraud. Christians have always been good at that. Via NBC:

A Colorado-based pastor for an online church accused of pocketing $1.3 million through a cryptocurrency fraud scheme told followers in a video statement that the Lord told him to do it.

Eli Regalado and his wife marketed their cryptocurrency, INDXcoin, to Christian communities in Denver, saying God told him people would become wealthy if they invested, the Colorado Division of Securities said in a statement Thursday.

INDXcoin raised nearly $3.2 million, the Securities Division said. At least $1.3 million of that went directly to the Regalados or was “used for their own personal benefit,” said a complaint filed Tuesday in Denver County District Court.

[NBC]

Well, God certainly works in mysterious ways. From one scam to another, the “crypto” industry really is a perfect match for pastors.

Here’s a news report and some of the pastor’s statement on how/why he and his wife have been charged with fraud:

A few hundred thousand dollars “went to a home remodel that the lord told us to do”!

The full nine-minute “explanation” is here, if you need a longer laugh.