The Colorado pastor of an online church is facing accusations of defrauding investors out of $3.2 million through a cryptocurrency marketplace he ran with his wife. According to the civil fraud charges filed by Colorado’s securities commissioner, Eli Regalado and his wife Kaitlyn targeted the Christian community and promised followers that investing in their cryptocurrency, INDXcoin, would make them wealthy.
An investigation by the Colorado Division of Securities found that from June 2022 to April 2023, INDXcoin raised over $3.2 million from more than 300 people. However, the currency was deemed “illiquid” and essentially worthless. The complaint, filed on January 16, states that the Regalados used at least $1.3 million of these funds to support their lavish lifestyle, including expensive vacations, jewelry, luxury items, cosmetic dentistry, clothing, and home renovations. They also used some of the money to purchase a Range Rover.
In a video, Eli Regalado claims that God appeared to him in a dream and gave him guidance on how to run the cryptocurrency exchange. He also says that he used some of the funds for a home renovation because the Lord instructed him to do so. However, he also mentions that half a million dollars went to the IRS, implying that the rest of the money was used for personal expenses.
During their show, Jack Stine and Spike O’Neill of The Jack and Spike Show discussed the news story. They joked about the confession video recorded by Regalado and shared their thoughts on him. Jack expressed skepticism, saying that the pastor’s appearance gave him the impression of a “crypto scheme” or “drop-shipping, multi-level marketing” scam. Spike also had suspicions, comparing Regalado to a timeshare salesman who has now moved on to cryptocurrency.
To watch the full discussion, including their opinions on the pastor’s lavish lifestyle and the potential for investors to receive their money back, subscribe to the Jack & Spike Show YouTube channel. The Associated Press and MyNorthwest also contributed to this report.