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- A Colorado pastor and his wife are being accused of selling “practically worthless” crypto.
- Eli Regalado said many of the charges were true but insisted it was a result of his inexperience.
- Regalado also said the Lord told him to use investor funds to remodel his home.
A Colorado pastor facing civil fraud charges related to his cryptocurrency business admitted to pocketing $1.3 million but says he used part of it for a biblically ordained home remodel .
Eli Regalado and his wife, Kaitlyn Regalado, are being sued in Denver District Court by Colorado Securities Commissioner Tung Chan, who accused the couple of targeting Christians to invest in their cryptocurrency INDXcoin, despite it being “illiquid and practically worthless,” according to a press release from the Colorado Department of Regulatory agencies.
Local outlet BusinessDen first reported on the lawsuit on Thursday.
“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” Chan said in a press release . “New coins and new exchanges are easy to create with open-source code. We want to remind consumers to be very skeptical.”