Barry Duke, the Angry Atheist

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ELI and Kaitlyn Regalado, who operated an online church called Victorious Grace, used faith and fake coins to defraud more than 300 Christians, and, according to a video posted today on YouTube by The Friendly Atheist, have now been ordered to repay the victims of their scam $3.4-m.

The crooked couple have been banned for 20 years from participating in private securities transactions—including crypto—and ordered to refund the money to the victims. They still could face lengthy prison sentences.

Colorado Securities Commissioner Tung Chan alleged that Eli Regalado Jr, and his wife Kaitlyn, created, marketed and sold a worthless cryptocurrency known as the INDXcoin, targeted Christian communities in Denver and made numerous misrepresentations and omissions to lure investors.

The case gained international attention through Eli Regalado Jr’s social media activity. In a YouTube video that went viral, he admitted to using investor funds to pay outstanding taxes and for a “home remodel the Lord told us to do.”

He further stated:

The charges are that me and Kaitlyn pocketed $1.3 million … I just wanted to come out and say those charges are true.

The Regalados had no other source of income at the time and used investor money to fund a lavish lifestyle that included jewelry, luxury ski and yachting trips, designer clothes, dental work and even a Range Rover.

Said Chan:

The Regalados are 21st century false prophets who leveraged the new and promising technology of cryptocurrencies to run an old-fashioned scam, victimising their own congregants and others.

Friendly Atheist, Hermant Mehta, said on his site:

The question, though, is how they even pulled off this alleged scam. A scan of their old crypto website suggested a fairly simple answer: They used a lot of big technical words that normal people wouldn’t understand in order to bring in supporters, sprinkled in plenty of God talk, and told people to just trust them.

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