By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
RebruitRebruitRebruit
  • Latest
  • Finance
  • Technology
  • Security
  • Guides
Reading: Colorado Pastor and Wife to Face Legal Action Over $3 Million Crypto Scam
Font ResizerAa
RebruitRebruit
Font ResizerAa
Search
  • Latest
  • Finance
  • Technology
  • Security
  • Guides
Follow US
  • About
  • Our Standards
  • Contact
  • Privacy Policy
  • Cookie Policy
  • Terms of use
© 2025 REBRUIT | We don’t control content on external sites. Read more about how we handle external links

Home » Colorado Pastor and Wife to Face Legal Action Over $3 Million Crypto Scam

Latest

Colorado Pastor and Wife to Face Legal Action Over $3 Million Crypto Scam

January 25, 2024
Share
3 Min Read
Colorado Pastor and Wife to Face Legal Action Over $3 Million Crypto Scam
SHARE

A Colorado pastor and his wife are facing charges related to an alleged multimillion-dollar cryptocurrency scheme that targeted hundreds of local Christians.

Prosecutors claim that Pastor Eli Regalado and his wife, Kaitlyn, fraudulently raised over $3 million by selling a cryptocurrency named INDXcoin, which they created, marketed, and sold through their online platform, Kingdom Wealth Exchange.

The allegations suggest that the Regalados, who lacked experience in cryptocurrency, knowingly deceived investors by promoting INDXcoin as a “low-risk, high-profit” investment.

Despite a third-party auditor flagging INDXcoin as “unsafe, unsecured, and riddled with technical problems,” the couple continued to market it as a valuable asset. Prosecutors assert that between June 2022 and April 2023, the Regalados pocketed at least $1.3 million from unsuspecting investors.

According to court filings, Pastor Regalado claimed that his plan was divinely inspired, stating that “God told him directly that investors would become wealthy” by investing in INDXcoin. The cryptocurrency was offered exclusively to Denver-area Christians through the Kingdom Wealth Exchange.

The complaint reveals that INDXcoin turned out to be illiquid and practically worthless, contrary to the Regalados’ promises. The funds raised were allegedly used for the couple’s extravagant lifestyle, including purchases such as a Range Rover, luxury handbags, jewelry, boat rentals, and snowmobile adventures.

Colorado Securities Commissioner Tung Chan has filed civil fraud charges under the Colorado Securities Act, citing violations of anti-fraud protections. The charges were prompted by multiple complaints from investors who lost money after investing in INDXcoin.

Pastor Regalado responded to the allegations in a video statement, admitting that the cryptocurrency investors faced difficulties withdrawing funds. He attributed the failure to technical issues with the exchange technology and claimed to have been “waiting on the Lord” for a resolution.

In response to the accusation that the couple received $1.3 million, Pastor Regalado acknowledged it, stating that half of the amount went to the IRS, and $200,000 was used for a home remodel, supposedly guided by divine instruction.

As legal proceedings unfold, Colorado prosecutors are seeking preliminary and injunctive relief, damages for investors, and the establishment of a constructive trust on the Regalados’ property. The couple is scheduled to appear in Denver District Court next week to address the charges.

Share This Article
Facebook Whatsapp Whatsapp Bluesky Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

iOS 19
What’s Coming in iOS 19: A Fresh Look and Smarter Features
Technology
Block
Square’s Bitcoin Payment Pilot: Bringing Crypto to Everyday Retail
Finance
METAMASK
MetaMask Embraces Solana: A New Era for Multi-Chain Wallets
Finance
Read Smarter, Not Harder
Read Smarter, Not Harder: These Apps Will Help You Read More Anywhere
Guides
Samsung-One-UI-8
15+ New Features Coming to One UI 8
Latest

You Might Also Like

samsung
Latest

Don Belle Boost Samsung Galaxy A-Series Buzz

May 23, 2025
Claude AI
Latest

What You Need to Know About the Claude 4 Release

May 23, 2025
Xperia 1 VII
Latest

Xperia 1 VII: Sony’s Most Creator-Focused Smartphone Yet

May 13, 2025
Apple’s AI Search Move Could Cost Google Billions
Latest

Apple’s AI Search Move Could Cost Google Billions

May 13, 2025
AMD Beats Q1 2025 Expectations, Despite Trade Pressures Between the U.S. and China
Latest

AMD Beats Q1 2025 Expectations, Despite Trade Pressures Between the U.S. and China

May 6, 2025
gtaVI
Latest

Grand Theft Auto VI is officially coming on May 26, 2026

May 6, 2025
WWDC 2025: Here’s what we can expect from Apple in June
Latest

WWDC 2025: Here’s what we can expect from Apple in June

May 5, 2025
Apple and Anthropic Are Teaming Up to Build an AI-Powered Coding Platform
Latest

Apple and Anthropic Are Teaming Up to Build an AI-Powered Coding Platform

May 3, 2025
Follow US
© 2025 REBRUIT | We don’t control content on external sites. Read more about how we handle external links
  • About
  • Our Standards
  • Contact
  • Privacy Policy
  • Cookie Policy
  • Terms of use
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?