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Colorado pastor and wife indicted in $3.4M crypto scam; 'God told him' to shill INDXcoin

Source Cryptopolitan

A Colorado-based online pastor and his wife have been indicted after allegedly swindling millions of dollars from religious followers through a crypto scheme. Eli Regalado, a self-proclaimed pastor in Denver, and his wife, Kaitlyn Regalado, are accused of using “faith in God” to defraud investors through the promotion and sale of a digital token called INDXcoin.

The indictment was handed down on Tuesday, including 40 criminal counts against the couple. Denver District Attorney John Walsh said the two are being sued for breach of trust, because the alleged fraud involved the manipulation of religious faith and language to entice victims.

“These charges show our work to hold the Regalados accountable for their alleged crimes and to bring a measure of justice to the victims,” Walsh said in a statement.

40 criminal counts for fraudulent faith investments

Between January 2022 and July 2023, the Regalados raised approximately $3.4 million from more than 300 investors, many of whom were members of their Christian community.

Colorado pastor and wife indicted in $3.4M crypto scam; 'God told' him to shill INDXcoin — Excerpts from the Relegados indictment. Source: denverda.org

They promoted INDXcoin through their online ministry and associated platforms, where Eli Regalado reportedly told investors that “God told him” to promote the token sold via a platform called Kingdom Wealth Exchange.

The couple claimed the crypto would bring substantial returns, is less volatile and risky than other digital assets. According to the INDXcoin whitepaper, the token was “insulated” from the hazards of crypto trading.

The Denver pastor and his wife insisted INDX was not a “pump and dump” scheme, and asserted that its value was backed by the momentum of the crypto market.

According to redacted court documents seen by Cryptopolitan, the couple exaggerated the potential of INDXcoin, stating it could become a top-ten cryptocurrency and a stable store of value, competing with stablecoins and providing higher returns.

Prosecutors say these promises were deceptive and unsupported. The token, according to authorities, “maintained zero value,” causing complete losses for the hundreds who invested.

Investigators found that little of the funds raised were actually used to support or develop the token, and the Regalados allegedly diverted at least $1.3 million toward personal expenses. These include luxury retail purchases, credit card bills, cosmetic and medical procedures, airline tickets, and home renovations.

The indictment also notes they used investor funds to pay for food, auto-related bills, au pair services, manicures, and other non-business costs. Eli Regalado allegedly told followers that “the Lord” had instructed him to renovate their home..

Enterprises and RICO allegations

The court documents also revealed several entities tied to the Regalados’ faith crypto fraud, including INDXCOIN INC., INDXCOIN LLC, Grace Led Marketers, Kingdom Wealth Exchange companies, along with Victorious Grace Church.

“Eli and Kaitlyn Regalado owned or controlled Mad Hatter Agency/Grace Led Marketers/Grace Led Marketing, Victorious Grace Church, INDXcoin/INDXcoin LLC, Kingdom Wealth Exchange LLC/Kingdom Wealth Exchange. Only Mad Hatter Agency/Grace Led Marketers/Grace Led Marketing and Victorious Grace Church were registered with the Colorado Secretary of State’s Office to conduct business within the State of Colorado,” the prosecution wrote.

The organizations were allegedly used to build credibility among the couple’s followers while creating a financial structure to conceal their fraudulent activities.

At the time of the alleged scheme, Eli and Kaitlyn Regalado were operating INDXcoin, LLC out of a residence located at 2355 South Eudora Street in Denver, Colorado. Even though the company was functioning from that address, INDXcoin, LLC was never registered to legally conduct business in the state, according to the indictment.

Both Eli and Kaitlyn Regalado were charged under Colorado’s organized crime laws for engaging in a pattern of racketeering activity while participating in the operation of these enterprises.

The first count of the indictment cites violations of Sections 18-17-104(3) and 18-17-105 of the Colorado Revised Statutes, which deal with racketeering influenced and corrupt organizations (RICO) offenses.

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