A Colorado pastor and his wife have been accused of defrauding investors of over $3.2 million through a cryptocurrency marketplace they ran. The couple, who claim to be guided by God, used their online church and their Christian community to promote the currency and convince people to invest in it. However, investigators found that the currency was “essentially worthless” and the couple used the money for personal expenses such as vacations, jewelry, and home renovations.
The Colorado Division of Securities filed civil fraud charges against Eli Regalado and Kaitlyn Regalado, who ran the Kingdom Wealth Exchange. They targeted fellow pastors and evangelical Christians, using prayer and Bible quotes to convince them to invest in the currency, promising “abundance” and “blessings.”
The couple also claimed that God had told them to create the cryptocurrency and that it would lead to a “wealth transfer” for their followers. They promised to tithe and sow into causes that helped widows and orphans, but investigators found that the majority of these payments went to the Regalados themselves.
Despite the charges, Eli Regalado maintains that “God is going to do a miracle” and that everyone who invested will receive their money back. The couple, who have no previous experience in selling cryptocurrency, are set to appear in court on January 29.
It is a cautionary tale of how people can be manipulated through religion and promises of financial gain. The Regalados’ actions not only harm their investors, but also give a negative image to the Christian community. It serves as a reminder to always thoroughly research and question any investment opportunity, especially when it is tied to religious beliefs.
