The Lower Eastern Times Opening The Third Eye
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A pastor in the United States who is accused of selling fraudulent cryptocurrency to his congregation, resulting in a $1.3 million (Ksh212.5 million) profit, asserts that he was acting on divine instructions from God.
Pastor Eli Regalado and his wife Kaitlyn are currently facing a lawsuit for promoting INDXcoin to members of their Colorado church, falsely promising investors financial prosperity through the cryptocurrency.
According to a report by investigators at the Colorado Attorney General’s office, approximately 300 individuals invested $3.2 million in the venture after being persuaded by the Regalados that God would bring them wealth through this cryptocurrency.
In a video statement, Pastor Regalado admitted to the charges, acknowledging that $1.3 million was indeed pocketed. He revealed that part of the funds went to the IRS, some were used for home remodeling, and the remainder was spent according to what he believed God directed.
The couple reportedly used the misappropriated funds for luxury purchases, including a new Range Rover, jewelry, and overseas trips.
Despite the legal challenges, Pastor Regalado remains optimistic, expressing faith that God will intervene in the case. He asserted that either he misunderstood God’s instructions or that the divine plan for INDXcoin is not yet complete.
“We took God at his word and sold cryptocurrency with no clear exit. Either I misheard God, or God is still not yet done with this project,” Pastor Regalado remarked.
While awaiting divine intervention, Colorado Division of Securities Commissioner Tung Chan issued a caution to potential investors in cryptocurrency.
Chan emphasized that Regalado exploited the trust of his Christian community, making baseless promises of wealth through worthless cryptocurrencies. Furthermore, Chan pointed out that the pastor lacked expertise in securities exchange and cryptocurrency matters.
