Self-Declared 'Prophet' Allegedly Scams Hundreds with Phony Cryptocurrency Touted as 'Ordained by God'
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Eli Regalado, a self-declared "prophet," allegedly scammed over 300 people out of $3.2 million by selling them worthless cryptocurrency he claimed was ordained by God.
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Regalado used the money to fund luxury purchases for himself and his wife, including jewelry, vacations, home renovations, and a Range Rover.
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Though Regalado has a history of theft and fraud, he attracted followers by incorporating religious language and "prosperity gospel" concepts into his cryptocurrency pitch.
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Colorado's Securities Commissioner filed civil fraud charges against Regalado, but he maintains that God either "misheard" him or "is still not done" with the cryptocurrency project.
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Some followers continue to stand by Regalado even after losing money, believing he made an honest mistake or that God will still "work a miracle" to make the cryptocurrency valuable.