Colorado Pastor Accused of Defrauding Christians in $3 Million Cryptocurrency Scheme
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Colorado pastor Eli Regalado allegedly pocketed $1.3 million from his cryptocurrency scheme, telling followers "the Lord told us to do so."
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Regalado marketed his cryptocurrency, INDXcoin, to Christian communities, claiming God said people would get wealthy by investing.
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In reality, INDXcoin raised $3.2 million but was "illiquid and practically worthless," per the state's complaint.
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The Regalados allegedly spent investors' funds on luxury items like a Range Rover, handbags, and vacations.
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Regalado and his wife face civil fraud charges in Colorado for securities violations like selling unregistered securities.