Pastor and Wife Charged with Fraud for Allegedly Creating Cryptocurrency Targeting Christian Communities

The pastor who allegedly claimed God told him directly that investors would become wealthy is now facing fraud charges along with his wife for creating a cryptocurrency scheme targeting Christian communities in Denver, Colorado. Eli Regalado and his wife, Kaitlyn Regalado, are accused of creating and selling the ‘INDXcoin’ to members of the Christian community through their online cryptocurrency exchange, Kingdom Wealth Exchange (KWE).

According to the Colorado Division of Securities, the Regalados raised nearly $3.2 million from over 300 individuals by promising investors that God had endorsed their cryptocurrency and that they would become wealthy by investing in it. However, a third-party auditor’s report described the INDXcoin code as unsafe, unsecure, and riddled with technical problems, indicating that the coin was essentially worthless.

Despite the warnings about the cryptocurrency’s risks, the Regalados continued to promote it as a low-risk, high-profit investment, leading to investors losing millions of dollars while the couple used the funds to support their lavish lifestyle. Colorado Securities Commissioner Tung Chan emphasized that the Regalados took advantage of the trust and faith of their Christian community to sell them essentially worthless cryptocurrencies.

The civil fraud charges filed against the Regalados seek preliminary and injunctive relief, damages for investors, and a constructive trust to be placed on the Defendants’ property. The investigation into their activities is ongoing, and authorities are urging anyone who invested with INDXCoin or any of the Regalados’ other entities to contact the Colorado Division of Securities.

This case serves as a reminder for consumers to be skeptical of new coins and exchanges, especially those making outlandish promises of wealth without proper credentials or security measures in place. As the investigation unfolds, more details are expected to emerge about the extent of the alleged fraud committed by the pastor and his wife in the name of cryptocurrency and faith.