Pastor and Wife Face Fraud Charges Over Cryptocurrency Scheme
Pastor Eligio Peter Regalado and his wife, Kaitlyn Marie Regalado, have been formally charged with fraud related to a cryptocurrency they created and promoted to their followers. The couple allegedly promised substantial market gains to entice believers to invest.
Eligio Regalado reportedly claimed to have received direct inspiration from God to create and promote INDXcoin. This claim allegedly helped him persuade numerous followers to invest, raising $3.4 million in the process.
“Eli Regalado told his Christian followers that ‘God’ had directed him to create a new cryptocurrency, and both Eli Regalado and Kaitlyn Regalado selected Christians from their church and other churches to buy the cryptocurrency, which he called INDXcoin. In his update video of August 22, 2022, Eli stated, ‘It was last October [20]21 that the Lord brought me this cryptocurrency. He said, ‘Take this to my people for a wealth transfer.’ This has been confirmed hundreds of times since then,'” the indictment states.
The couple faces 40 formal charges, including fraud, theft, and organized crime.
“Eli Regalado is a pastor who preaches at Victorious Grace Church, an online church. Kaitlyn Regalado is the sole employee of Victorious Grace Church, which operates primarily from their home in Denver, Colorado. The Regalados have many years of experience in the marketing sector, and in 2021, they decided to start a cryptocurrency scheme composed of INDXcoin (the cryptocurrency) and the Kingdom Wealth Exchange (the platform where INDXcoin would be sold and traded),” the lawsuit against the couple alleges.
Cryptocurrency Operations Allegedly Inspired by Divine Guidance
The indictment, led by prosecutor John Walsh in Denver, Colorado, alleges that the scheme began in January 2022 and continued until July 2023. The Regalados purportedly convinced numerous victims to purchase INDXcoin through their own exchange.
Leveraging their religious connections, they promised significant profits, attributing the venture to divine will. However, authorities claim that $1.3 million of the $3.4 million raised was diverted to personal expenses.
The couple allegedly told their followers that “the Lord” instructed them to renovate their home. Investors in INDXcoin ultimately lost their investments as the cryptocurrency became worthless.
“These charges mark a major step in our work to hold the Regalados accountable for their alleged crimes and bring justice to the victims. I want to thank the prosecutors and investigators in my office and, in particular, the investigators from the Colorado Division of Securities and the Colorado Attorney General’s Office, whose excellent work on the case resulted in this indictment,” said Prosecutor Walsh.
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