A pastor in the United States who sold worthless cryptocurrency to his flock and pocketed $1.3 million (Ksh212.5 million) has revealed that he was following orders from God.
Pastor Eli Regalado and his wife Kaitlyn have been sued in court for selling INDXcoin to members of his church in Colorado, with a false promise that investors who buy the cryptocurrency would become rich.
According to a report by investigators at the office of the Colorado Attorney General, about 300 people invested $3.2 million into the business idea after Regalado and his wife told them God will make them rich.
“So the charges are that Kaitlyn and I have pocketed $1.3 million, and I just want to come out and say that those charges are true,” Regalado said in a video.
“Out of that 1.3, half a million dollars went to the IRS and a few $100,000 went to a home remodel and the Lord told us to do,” he added.
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The couple also used the money to buy other luxury items including a new Range Rover, jewelry as well as spending on foreign trips.
However, the pastor has remained optimistic that God will make him win the case and continue spreading the gospel through his online church.
“We took God at his word and sold cryptocurrency with no clear exit. Either I misheard God or God is still not yet done with this project,” he said.
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“What we are praying for is that God is going to work a miracle in the financial sector. He is going to bring a miracle in the INDXcoin,” he added.
At the same time, Colorado Division of Securities Commissioner Tung Chan urged investors to be very careful when investing in the cryptocurrency.
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“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled promises of wealth to them when he sold them worthless cryptocurrencies,” said Tung.
Tung added that the church leader had no experience in securities exchange and matters of cryptocurrency.
