A Colorado-based pastor and his wife are accused of pocketing over $1.3 million through a cryptocurrency fraud scheme because "the Lord told us to," admitting in a now-private video statement that the charges against him "are true."

Defendant Eligio (Eli) Regalado, a pastor at Victorious Grace Church, is accused of using his connections in the evangelical community to target members of different Colorado churches. His wife, Kaitlyn Regalado, and the companies they controlled, are also named as defendants in the crypto scheme in which they allegedly defrauded more than 300 investors of over $3.2 million by exploiting their religious faith to pay for personal expenses, including luxury handbags, cosmetic dentistry, snowmobile adventures, an au pair, home renovations and vacations, according to a press release from the Colorado Department of Regulatory Agencies.