Eligio Regalado, the Denver pastor facing accusations of misappropriating $1.3 million through a cryptocurrency investment scam, has been seen in the Zambian capital, Lusaka, just days after reportedly failing to appear in court. Regalado was seen preaching about God and finance at the Glory Shift Conference.
Regalado and his wife face charges of defrauding their church members to support a lavish lifestyle. A court has issued an order to freeze the couple’s assets and prohibited them from selling securities in Colorado. The lawsuit alleges that more than $1.3 million from the $3.2 million INDXCoin project was misappropriated for personal expenses.
Divine justification amid crypto scandal
In a video response to the Colorado securities regulator’s allegations, Regalado admitted to selling the allegedly “worthless” INDX cryptocurrency but claimed divine instructions guided his actions. He asserted that half of the misappropriated funds, $1.3 million, were sent to the IRS, and a few hundred thousand dollars went towards home remodeling as per divine guidance. Despite the legal challenges, Regalado continued preaching the gospel of finance, this time to a Zambian audience at the Glory Shift Conference.
Despite facing potential criminal charges in Colorado, Regalado delivered an African church sermon focusing on financial prosperity and cryptocurrency. Drawing parallels between Bible verses and wealth, he declared, “I’m going to speak to you today about how to make money the Kingdom way.” While confirming the misappropriation charges, Regalado promised to spare the audience the details of God’s “whole world of cryptocurrency” gifted to him.
Legal consequences and lack of crypto expertise
The Colorado Division of Securities alleges that the Regalados’ lack of experience and credentials in cryptocurrency led to an insecure and technically flawed INDXCoin project. The court has issued a preliminary injunction, freezing their assets and preventing the sale of securities while mandating the preservation of records. The Commissioner emphasized the seriousness of the misuse of funds and stated that freezing assets aims to protect the remaining funds from further dissipation.
While Regalado claims divine guidance for the INDXCoin project, the legal proceedings highlight the serious implications of financial misconduct. The court’s actions aim to safeguard the interests of investors and prevent further harm. The lack of cryptocurrency expertise raises questions about the viability and legitimacy of the project. The ongoing legal battle will determine the consequences for the pastor and his wife as they navigate civil and potential criminal charges.
