Eli Regalado and his wife Kaitlyn face charges for using $1.3 million worth of INDXcoin cryptocurrency for personal expenses.
In a video, Regalado admits to using some of the funds for personal expenses, including home renovation, which he attributes to divine guidance.
The Regalados’ bank accounts have been frozen, and they are scheduled to appear in Colorado District Court on January 29.
Eli Regalado, a pastor in Denver, is facing serious charges related to the management of INDXcoin cryptocurrency. He and his wife are accused by Colorado state regulators of spending at least $1.3 million worth of this deemed-worthless cryptocurrency on luxurious personal expenses.
The Pastor Admits: ‘God Guided Me’
In a video posted on the INDXcoin community forum, Regalado acknowledges converting funds into traditional currencies, explaining that half of the money went to the IRS and the rest towards home renovations, which he claims were ordained by God. He also admits that investors currently have no way of recovering their invested money in INDXcoin.
Regalado expresses his hope for a divine miracle to repay the investors, acknowledging that they sold a cryptocurrency that offers no exit strategy to investors. The comments under his video post are mostly supportive, with his community praying for him and his wife.
Legal Situation
Following the civil complaint, Judge David Goldberg has ordered the freezing of the Regalados’ bank accounts and associated businesses. They are scheduled to appear in Colorado District Court on January 29 for an initial hearing.
