A Pastor and his wife who fled the U.S. have been spotted in Zambia, due to creating a cryptocurrency scheme that made them $3.2 richer. They even used the money to remodel their house because “the lord told us to.”
Escaping Justice in Denver
Pastor Eligio Regalado from Denver, who has been charged with Civil Fraud, has surfaced in Zambia, imparting teachings about religion and money at the Gifted Faith Ministry.
Missing Court Appearance
Regalado was spotted in Zambia after missing a notice to show up in court in Denver after allegedly using his status in religion to scam people out of their money in a crypto scheme with false promises of financial gain.
Ponzi-Style Scheme Unveiled
The civil fraud case revealed a Ponzi-style scheme that raised $3.2 million for the Pastor’s personal gain.
A Huge Con
The Pastor allegedly conned 300 people out of their hard-earned cash between June 2022 and April 2023.
Glory Shift Conference at Gifted Faith Ministry
The embattled pastor reportedly delivered sermons at the church’s Glory Shift Conference, where he spoke of the benefits of cryptocurrency and the importance of financial stability.
The Sermon Scheme Revealed
“I’m going to speak to you today,” the pastor began in his sermon, “I am going to speak to you about finances, and I’m going to speak to you about how to make money the Kingdom way.”
Exploiting Religious Influence
Regalado is accused of leveraging his religious influence to defraud investors, particularly within the Christian community, through the cryptocurrency INDXcoin.
Crypto Is God’s Gift?
The Pastor insisted to the crowd that the “whole world of cryptocurrency” was given to him by God, yet he refused to give them details.
Worthless Investments
Investors were left with worthless INDXcoin holdings, unable to sell the coins as detailed in the complaint by Colorado Securities Commissioner Tung Chan.
Lack of Cryptocurrency Credentials
The Colorado Securities Commissioner noted the couple’s lack of experience to create a cryptocurrency scheme which ended in the useless INDXcoin.
A Serious Charge
“Misuse of funds is a serious charge in this matter,” said the Commissioner before revealing the steps taken to punish the Pastor while he is away in Zambia.
Frozen Assets
The Commissioner revealed that the Pastor’s assets had been frozen, “Freezing assets will protect what’s left in the accounts from further dissipation,” he said.
Preliminary Injunction
The Commissioner also noted that “the injunction will stop the Regalados from selling any more worthless coins.”
Confession in a Widely Circulated Video
In a video posted on the INDXCoin forum, Regalado confirmed allegations of misappropriating funds, stating that $1.3 million had been taken for his own use.
Charges Revealed to Be True
“The charges are that Kaitlyn and I pocketed $1.3 million and I just want to come out and say that those charges are true,” the Pastor said in the video.
Pastor’s Confession
The Pastor admitted that, “There has been $1.3 million that has been taken out of, I think it was a total of $3.4 million,” before revealing what he did with the rest of the money.
Divine Directive for Home Remodel
Regalado claimed divine guidance for using funds, mentioning that the Lord instructed a home remodel, with $500,000 directed to the IRS.
“The Lord Told Us To”
“Half of a million dollars went to the IRS and a few hundred thousand dollars went to a home remodel that the Lord told us to do,” the Pastor admitted.
Financial Teachings in African Church
While facing potential criminal charges in Colorado, Regalado continues to teach about finances and cryptocurrency in an African church.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
