Denver Pastor Claims $300K Home Renovation Funded by Crypto Scam Was ‘God’s Plan’
Denver pastor Eli Regalado, who is currently facing a lawsuit filed by Colorado’s securities commission for allegedly defrauding investors through the sale of the valueless INDXcoin cryptocurrency, has released a video responding to the allegations.
In the video, Regalado admits that investors are unable to cash out their funds and explains the challenges they have faced with their failed exchange technology.
He claims to have been waiting for a miracle from God to resolve the situation.
“We launched an exchange, the exchange technology failed, things went downhill, and from that point forward we’ve just been waiting on the Lord literally for a miracle.”
Both Regalado and his wife, Kaitlyn, identify themselves as ordained ministers with Destiny Churches and Ministries International, as stated on their online-only Victorious Grace Church’s Facebook page.
Destiny Churches, with 1,000 followers, has promoted INDXcoin on its own Facebook page.
The Regalados are accused of using INDXcoin funds for personal expenses, such as a Range Rover, jewelry, luxury handbags, while falsely claiming the funds would go towards helping widows and orphans.
In the video, Regalado confirms the charges against him, admitting that he and his wife pocketed $1.3 million.
He explains that a significant portion of the funds, including half a million dollars, was paid to the IRS, and a few hundred thousand dollars were used for a home renovation that they believed was instructed by God.
Regalado expresses hope for a divine miracle that will make investors whole, emphasizing that they sold a cryptocurrency with no clear exit strategy.
He acknowledges that the prosecutors will argue that they knowingly sold a cryptocurrency without a clear exit plan, but he
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