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Unholy cryptocurrency rip-off: Colorado pastor and spouse charged with embezzling $1 million from Christian group

Unholy cryptocurrency rip-off: Colorado pastor and spouse charged with embezzling $1 million from Christian group


Pastor Eligio “Eli” Regalado of Denver, Colo., admits to pocketing .3 million Christians invested in his INDXcoin cryptocurrency.(Photo: YouTube/ Molly White)

A Colorado pastor and his spouse, Eli and Kaitlyn Regalado, are dealing with prices for allegedly orchestrating a cryptocurrency rip-off that defrauded their Christian group of over $1 million.

The couple allegedly created and bought their cryptocurrency, named INDXcoin, to unsuspecting buyers in Denver, Colorado, claiming divine steering from the Lord for monetary prosperity.

“The prices are that me and Kaitlyn pocketed $1.3m,” Pastor Regalado confessed in a video printed on the INDXcoin’s web site platform. “I simply needed to come back out and say these prices are true…”

Then Regalado added that, “Just a few hundred thousand {dollars} went to a house rework the Lord advised us to do.”

The state’s division of securities revealed that the Regalados assured potential buyers that God had instructed them to launch the cryptocurrency, promising substantial returns. However, prosecutors assert that INDXcoin was “virtually nugatory” in actuality, leading to substantial monetary losses for greater than 300 people between June 2022 and April 2023.

In the video assertion printed on INDXcoin’s web site, Eli Regalado admitted to the costs, revealing that the couple had misappropriated $1.3 million raised by the cryptocurrency scheme. He acknowledged that a good portion of those funds, roughly a couple of hundred thousand {dollars}, was used for a house rework, claiming it was an motion directed by God.

“We took God at his phrase and bought a cryptocurrency with no clear exit,” admitted Regalado, whereas additionally expressing the couple’s unwavering perception that God would “work a miracle within the monetary sector” for them and their buyers.

The Regalados, nevertheless, not solely lacked expertise in cryptocurrency but additionally ignored vital technical issues flagged by a third-party auditor concerning the INDXcoin code. Despite these points, they continued advertising and marketing the cryptocurrency as a low-risk, high-reward funding choice.

The Regalados are additionally suspected of syphoning off no less than $290,000 for his or her online-only church, Victorious Grace church, regardless of there being no precise bodily location for it. The Denver Post reported that Eli had beforehand promised buyers {that a} portion of the raised funds can be used to help widows and orphans. However, these purported charitable funds have been allegedly spent on private achieve.

Tung Chan, the Colorado securities commissioner, denounced the Regalados, stating, “We allege that Mr. Regalado took benefit of the belief and religion of his personal Christian group and that he peddled outlandish guarantees of wealth to them when he bought them primarily nugatory cryptocurrencies.”

Civil fraud prices have been filed in opposition to the couple for violating a number of tenets of the Colorado Securities Act.

Both INDXcoin and the Kingdom Wealth Exchange, the unique platform for INDXcoin, have been reportedly shut down in direction of the top of final yr. The Regalados are scheduled to look in Denver state court docket within the coming days and weeks.



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