Denver, Colorado pastor Eli Regalado announced in a YouTube video last April that he would be selling cryptocurrency. The pastor said he was “setting the rails for God’s wealth transfer.” Regalado and his wife then began selling cryptocurrency, dubbed INDXcoin, to members of his Victorious Grace Church and other Christian communities in the Denver area using his “the “Kingdom Wealth Exchange,” an online cryptocurrency marketplace he set up for the purpose. They peddled the holy investment with prayers, quotes from the Bible, and entreaties to have faith in their product. Sure enough, the plan was a godsend, at least for the pastor and his wife: the Regalados raised more than $3.2 million from over 300 investors.
Unfortunately, the INDXcoin was worthless, except for the purpose of making the pastor and his wife rich. The Regalados used around $1.3 million of the supposedly “investment funds” on a Range Rover, jewelry, cosmetic dentistry and vacations, while renovating their Denver home. Hallelujah!
Eli Regalado, however, has what he considers a complete defense. In a series of videos he has posted this month, he admits that he and his wife had used much of the money for their own pleasure. However, he emphasized that he was only doing what “the Lord told us to do.” God, he reminded everyone, had led him to open INDXcoin and convinced him that it was a safe and profitable investment venture.
“We launched an exchange,” he said. “The exchange technology failed. Things went downhill. And from that point forward, we’ve just been waiting on the Lord…I know this looks bad…I know this looks terrible.” But it looked bad for Moses and the Israelites too when Pharoah’s army was approaching. Regalado says he is hopeful that divine intervention will save the day for his flock as well. “Either I misheard God … or God is still not done with this project, and He is going to do a new thing,” the pastor said in the video posted January 19. “What we’re praying for, and what we’re believing for still, is that God is going to do a miracle. God is going to work a miracle in the financial sector … everyone is going to be able to receive money back.”
Have a little faith, people!
Authorities filed civil fraud charges last week against both Regalados, alleging violations of the anti-fraud, licensing and registration provisions of the Colorado’s Securities Act.
Ethics Alarms 
“he admits that he and his wife had used much of the money for their own pleasure. “
In my best Jimmy Baker voice: “God Doesn’t Want His People To Go Second-Class.”
PWS
“Authorities filed civil fraud charges last week against both Regalados, alleging violations of the anti-fraud, licensing and registration provisions of the Colorado’s Securities Act.”
It would seem that God has responded…
See, if they had just donated the money to Democratic election campaigns, their charges would have gone away. See FTX. You only go to prison for the money you stole and spent on yourself. If you steal $70 million in customer funds, send $10 million to Joe Biden’s reelection campaign and the rest to 196 senators and representatives through your mother’s PAC, you don’t get charged with that and your mother never even gets arrested.
When the Lord talks to you and tells you to commit fraud, is that a case of, “damned if you do and damned if you don’t”?
I thought “God told me to do it” would be a new unethical rationalization, but it’s clearly covered under:
1B. The Psychic Historian, or “I’m On The Right Side Of History”
And to a lesser extent, I’m sure the pastor also used:
60. The Ironic Rationalization, or “It’s The Right Thing To Do”
Any good pastor would know the difference between the voice of God and the voice of the devil.
I dunno. I saw “The Exorcist,” and that Pazuzu could give Rich Little a run for his money…
“When the Lord talks to you and tells you to commit fraud…” you can be sure it isn’t the Lord talking.
I guesss he forget the biblical adage ‘you can’t serve god and mannom” Matthew 6/2