In a shocking confession, Colorado-based online pastor Eli Regalado, founder of INDXcoin, has admitted to committing fraud involving $1.3 million. Facing accusations from the Colorado Securities Commission, Regalado and his partner, Kaitlin Regalado, are alleged to have misappropriated funds from over 300 investors in their online congregation at Victorious Grace Church. The confession, shared in a nine-minute video on the INDXcoin website, has exposed the exploitation of trust within the Christian community, where Regalado claimed God instructed him to remodel his home after selling what authorities deem a “worthless cryptocurrency.”
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Pastor’s Confession and Fraud Charges
Regalado publicly acknowledged the charges in a video confession, confirming the misappropriation of $1.3 million. The couple faces civil charges from the Colorado Securities and Exchange Commission for promoting INDXcoin, labeled a fraudulent token.
The Colorado Securities Commissioner, Tung Chan, revealed that Regalado allegedly targeted the Christian community, asserting that God had promised wealth to investors in INDXcoin. Chan emphasized the need for skepticism in the face of outlandish crypto promises.
From mid-2022 to early 2023, Regalado’s enterprise collected $3.2 million from investors through the Kingdom Wealth Exchange. The majority came from his online congregation at Victorious Grace Church, highlighting the extent of the scheme.
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Questionable Expenditure
Regalado detailed the allocation of funds, with half going to taxes and a significant portion funding a home renovation supposedly instructed by God. The extravagant spending raises further questions about the legitimacy of the pastor’s actions.
Regalado shut down the Kingdom Wealth Exchange on November 1, citing insufficient funds for server maintenance and financial hardship. The closure notice urged token holders to refrain from selling INDXcoin, signaling the unraveling of the pastor’s deceptive scheme.
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