Pastor in the US accused of $3.2 Million cryptocurrency scam says God told him to do so. A pastor in Colorado, Eligio “Eli” Regalado, and his wife, Kaitlyn Regalado, are facing fraud charges for an alleged $3.2 million cryptocurrency scam where they reportedly pocketed $1.3 million from a scheme targeting followers. Named in a legal complaint filed with Colorado’s securities commissioner, the couple is accused of violating anti-fraud provisions and using Eli’s religious position to sell an “unsafe” and “unsecure” cryptocurrency to a devout Christian community. Investors, believing God endorsed the project, have incurred significant losses. The couple marketed the cryptocurrency, INDXcoin, to the Denver Christian community, raising nearly $3.2 million by April 2023. They sold it exclusively through Kingdom Wealth Exchange, an online platform they controlled. Regalado asserted in a video that God instructed him to create the crypto, promising wealth to investors. He admitted diverting $1.3 million for personal use, including a home remodel, amid allegations of a lavish lifestyle involving luxury purchases. Colorado Securities Commissioner Tung Chan emphasized skepticism, stating Regalado exploited trust and faith. Regalado, lacking financial or crypto experience, cited technical failures for the project’s collapse and expressed doubts. Followers expressed belief in divine intervention despite the controversy. The Colorado Division of Securities urges affected investors to come forward.
Eli and Kaitlyn Regalado, along with three companies, face charges, including securities fraud and unlicensed broker-dealer activity, scheduled for Denver District Court next week.
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