You say you want to go to heaven, but you’ve got all this money. You don’t know how to squeeze your camel through the eye of a needle…but have no fear! Just slather that camel in crypto and it’ll slide right on through, and the Lord won’t even notice! Just ask Eli and Kaitlyn Regalado.
A Colorado pastor who is charged with stealing more than $1m from his Christian community in a cryptocurrency scheme has admitted to the fraud but argued that God instructed him to carry it out.
Eli Regalado and his wife, Kaitlyn, are charged with creating and selling their cryptocurrency, known as “INDXcoin”, to Christians based in their home town of Denver, Colorado, allegedly telling would-be investors that the Lord had told him people would become rich if they invested, the state’s division of securities announced in a press release on Thursday.
But INDXcoin was “practically worthless” in reality, prosecutors said in the statement. Investors lost millions of dollars while the Regalados used their investments for lavish living.
They are quite brazen about it all, and Eli admits that he stole over a million dollars.
In a video statement about the charges, Eli admitted that the couple had squandered $1.3m that was raised through cryptocurrency.
“The charges are that me and Kaitlyn pocketed $1.3m,” Regalado said in the video published to INDXcoin’s website on Friday. “I just wanted to come out and say those charges are true.”
Regalado added: “A few hundred thousand dollars went to a home remodel the Lord told us to do.
“We took God at his word and sold a cryptocurrency with no clear exit.”
Regalado added that the couple still believes that God will “work a miracle in the financial sector”.
God told them to profit from a cryptocurrency scheme. God further specifically told them to spend the money on a home remodel, and jewelry, and an au pair, and of course, to spend lots of money on their church, which doesn’t actually exist.
The Regalados also pocketed at least $290,000 for their online-only church, Victorious Grace church, despite there being no physical location for it, BusinessDen reported.
They do send a little resentful that they “took God at his word.”
About nine months ago, Mr. Regalado said, the undertaking “started falling apart,” adding that he didn’t know what he was doing.
“One of two things have happened,” Mr. Regalado said, “One: Either I misheard God and every one of you who prayed and came in, you as well, or two: God is still not done with this project and he’s going to do a new thing.”
Also, it wasn’t his fault. God made him do it.
“I said: Lord, I don’t want to do this. I don’t know how to do this. I don’t have any experience in this industry,” said Eli. “I don’t know what I’m doing. I don’t want to be caught up in something.”
God and crypto sure do work in mysterious ways. It always amazes me how anyone falls for either of them.