KIRO NEWSRADIO OPINION

Jack and Spike on the pastor who said God helped him orchestrate a crypto scam

Jan 28, 2024, 12:42 PM | Updated: Jan 29, 2024, 1:20 pm

A Colorado pastor for an online church who is accused of defrauding investors of more than $3.2 million through a cryptocurrency marketplace he ran with his wife says “the Lord” helped him orchestrate the venture.

Colorado’s securities commissioner filed civil fraud charges against Eli Regalado and his wife Kaitlyn Regalado, saying the Denver couple targeted the Christian community and told followers that God would make them rich if they invested in a cryptocurrency he created called INDXcoin.

Investigators with the Colorado Division of Securities found that from June 2022 to April 2023, INDXcoin raised about $3.2 million from more than 300 people who invested in the “illiquid” and “essentially worthless” currency, according to the complaint filed Jan. 16.

Investigators said the Regalados, who ran a cryptocurrency marketplace called the Kingdom Wealth Exchange, used at least $1.3 million of those funds to support a lavish lifestyle that included tens of thousands of dollars spent on vacations, jewelry, luxury handbags, cosmetic dentistry, clothes and home renovations. The two, who shut down the exchange Nov. 1, also are accused of using some of the money to finance the purchase of a Range Rover.

“Out of that $1.3 (million), half 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,” he said in the video, noting that God appeared to him in a dream and gave him advice on how to run the cryptocurrency exchange.

“What we’re praying for, and what we’re believing for still is that God is going to do a miracle,” he added. “God is going to work a miracle in the financial sector. He’s going to bring a miracle into INDXcoin. Everyone that has come in for money is going to be able to receive money back,” said Regalado, who preaches for the online-only Victorious Grace Church.

Jack and Spike speak out about the news story

During their digital-exclusive show last week, Jack Stine and Spike O’Neill of The Jack and Spike Show took a look at the story.

“As we all know, I don’t know if you guys have ever heard the old Christian adage, which is that a man who confesses in front of a camera confesses before God,” Jack joked.

They then began talking about the confession video Regalado recorded and it didn’t take them long to explain what they thought of him.

First and foremost, just looking at the man … if you told me what this guy does, my first thought is ‘crypto scheme,'” Jack said. “This is drop-shipping, multi-level marketing. This guy is going to rip me off for every penny in my bank account, I think.”

Spike got similar vibes from the pastor.

“I think 20 years ago, he was in timeshare sales and now it’s evolved to crypto,” he said.

And they were just getting started. Click on the video above to watch more and make sure you subscribe to our new Jack & Spike Show YouTube channel.

Contributing: The Associated Press; Steve Coogan, MyNorthwest

KIRO Newsradio Opinion

seattle housing build...

John Curley Show

‘I think this is a very smart move’: Curley praises Nilu Jenks’ push to make Seattle housing easier to build

Nilu Jenks aims to simplify Seattle housing development through zoning changes and faster permits, boosting the housing supply.

30 minutes ago

I-638...

Gee Scott and Ursula Reutin Show

‘Who gets to question whether a girl is a girl?’: Gee and Ursula expect legal fight as Seattle School Board weighs suing over I-638

The Seattle School Board could vote Monday to take legal action against I-638, a ban on transgender girls competing in girls' school sports.

12 hours ago

ferguson nba commissioner...

Jake Skorheim and Spike O'Neill Show

‘This feels like very bad news’: Jake questions Seattle’s NBA expansion chances after Ferguson’s latest meeting with Adam Silver

Gov. Bob Ferguson's meeting with NBA Commissioner Adam Silver raises concerns about Seattle's chances for a SuperSonics return.

21 hours ago

A full shopping cart is seen at Walmart. (Photo: Will Newton, Getty Images)...

Gee Scott and Ursula Reutin Show

‘You can’t budget your rent’: Gee challenges budgeting advice as WA tops the nation in estimated grocery spending

Washington residents face high grocery costs, raising questions over traditional budgeting advice. Explore the financial implications.

23 hours ago

seattle center diwali festival...

Charlie Harger

Harger: Kids danced at Seattle Center’s Diwali festival. 2 men showed up with racist signs

Saturday at the Seattle Center Armory, kids were dancing on stage at Diwali. Then two men walked in with American flags. One sign used a slur for Indian people.

24 hours ago

Seattle restaurant revel la palma price...

Gee Scott and Ursula Reutin Show

‘The prices here are outrageous’: Gee and Ursula discuss Seattle dining costs as her favorite restaurant closes

Ursula's favorite Seattle restaurant is closing, and Gee Scott sees a broader problem behind the struggles facing local dining spots: higher prices.

2 days ago

Jack and Spike on the pastor who said God helped him orchestrate a crypto scam