Pastor Accused Of Selling $3.4M In “Valueless” Crypto

The Denver Post reports:

Speaking to online followers Aug. 22, 2022, Rev. Eli Regalado had a divine message. “It was last October that the Lord brought this cryptocurrency to me. He said, ‘Take this to my people for a wealth transfer.’ It has been confirmed a hundred times since,” the pastor said, according to a lawsuit filed in Denver this week. State regulators say that no miracle has been forthcoming. So, they’re suing Eli and Kaitlyn Regalado for securities fraud.

Tung Chan, the state’s securities commissioner, wrote in Tuesday’s lawsuit that the Regalados sold $3.4 million in “valueless” INDXcoins in 2022 and the first half of 2023. Chan, whose office subpoenaed the couple’s bank records, claims that at least $1.3 million of that went directly to the Regalados, who spent it on a Range Rover, jewelry, luxury handbags, cosmetic dentistry, boat rentals, home renovations and an au pair.

Read the full article. There’s a lot there.

Pastor pocketed $1.3M selling worthless cryptocurrency, state says https://t.co/4wg4lqFmUm

— The Denver Post (@denverpost) January 19, 2024