Unholy Investments: Pastor Faces Lawsuit for Alleged Crypto Scam
Church Congregation duped into buying worthless cryptocurrency with ‘divine guarantees’
In a shocking turn of events, Pastor Eli Regalado and his wife Kaitlyn are facing a civil lawsuit for allegedly scamming their congregation by selling a worthless cryptocurrency called INDX-coin. The couple, who claim to have acted on divine guidance, managed to raise $3.2 million from 300 unsuspecting Christians in Colorado.
The Regalados, lacking any experience in the cryptocurrency field, created and promoted INDX-coin through their own platform, the Kingdom Wealth Exchange. The currency, marketed with supposed ‘divine guarantees,’ turned out to be nothing more than a scheme to fund the couple’s luxurious lifestyle.
Having pocketed $1.3 million from the scam, Eli Regalado defended his actions in a video, stating, “So the charges are that Kaitlyn and I pocketed $1.3 million, and I just want to come out and say those charges are true.” He claimed that half a million went to the IRS, and a few hundred thousand were used for a home remodel, which he insisted was divinely instructed.
Regalado admitted to selling a cryptocurrency with no clear exit strategy, asserting, “Either I misheard God… or God is still not done with this project.” The Colorado securities commissioner, Tung Chan, condemned the pastor, stating that he “took advantage of the trust and faith of his own Christian community.”
The couple now faces legal consequences, with a court hearing scheduled in Denver next week. The allegations suggest that the Regalados exploited the gullibility and greed of their congregation, tarnishing the image of faith and trust within the Christian community. As the legal proceedings unfold, the repercussions of this unholy investment scheme will undoubtedly reverberate through the church.
A Firm Warning to Christians: Reflecting on Biblical Wisdom Regarding Money and Investments
Dear Beloved Brothers and Sisters in Christ,
Grace and peace be with you. In these times of uncertainty and rapid changes, it is essential for us to anchor ourselves in the timeless wisdom found in God’s Word. Today, we want to draw your attention to a crucial lesson from the Scriptures that holds profound significance in our approach to money and investments.
As many of you are aware, the Bible warns us that “the love of money is the root of all evil” (1 Timothy 6:10, KJV). It serves as a stark reminder that our priorities and motivations regarding wealth can deeply impact our faith journey. We must guard against an excessive love for money that may lead us away from the teachings of Christ and result in unintended consequences.
Furthermore, recent events have brought to light the dangers associated with high-risk investments, particularly when claimed to be guided by divine calling or whispers. The Scriptures caution us about being wise stewards of the resources entrusted to us. Engaging in speculative and risky financial ventures, especially under the guise of God’s calling, can expose us to unnecessary risks and potentially harm the very community we seek to uplift.
Proverbs 22:3 (NIV) advises, “The prudent see danger and take refuge, but the simple keep going and pay the penalty.” As faithful followers of Christ, we are called to exercise discernment and seek God’s guidance in all aspects of our lives, including financial decisions.
Therefore, let us be vigilant and discerning in our pursuit of financial endeavors. Consult with trusted advisors, seek wisdom from fellow believers, and always align your actions with the timeless principles found in God’s Word.
May we be guided by the Holy Spirit in our financial decisions, remembering that our ultimate treasure is in heaven. As a community, let us support one another in upholding biblical principles and avoiding the pitfalls that may lead us astray.
In Christ’s love and with a heart for wisdom,