“For there are many unruly and vain talkers and deceivers… Whose mouths must be stopped, who subvert whole houses, teaching things which they ought not, for filthy lucre’s sake.” – Titus 1:10-11
“Jesus said, Many false prophets shall rise, and shall deceive many.” – Matthew 24:11
DAILYMAIL.com reports: A Denver pastor pocketed $1.3 million selling worthless crypto to his flock on a platform he set up with his wife, a lawsuit claims.
Eli Regalado who runs the online-only Victorious Grace Church set up the Kingdom of Wealth exchange in 2022 along with his spouse Kaitlyn.
Investors were told their INDXcoins, a form of crypto that could only be traded on the couple’s platform, were ‘God-backed’. They bought each coin for $1.50 and were told they were worth at least $10, investigators say.
But on November 1, the exchange was shut down leaving investors with no possible way to recoup the funds.
Now Regalado and his wife Kaitlyn are being sued for securities fraud, the Denver Post reports and the SEC has frozen their assets.
Investigators say the couple sold $3.4 million in ‘valueless’ INDXcoins and pocketed at least $1.3 million, which they splashed on a Range Rover, luxury handbags, home renovations, cosmetic dentistry and an au pair among other extravagances… (Continue article)
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