Pastor created 'worthless' cryptocurrency targeting Christians to support 'lavish lifestyle': Authorities [View all]

A pastor and his wife have both been charged with fraud for allegedly creating a cryptocurrency, pitching it to Christian communities and using the proceeds to fund their “lavish lifestyle," authorities say.

Eli Regalado, a pastor in Denver, Colorado, and his wife, Kaitlyn Regalado, “created, marketed and sold a cryptocurrency known as the ‘INDXcoin’ to members of the Christian community,” according to a statement from the Colorado Division of Securities. “The INDXcoin was also offered through the Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange that they created, controlled and operated.”

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Colorado Securities Commissioner Tung Chan filed civil fraud charges on Thursday against Eligio (Eli) and Kaitlyn Regalado of Denver, along with the companies they used to allegedly sell the coins, for alleged violations of the anti-fraud, licensing and registration provisions of the Colorado Securities Act.

“According to the complaint filed by the Colorado Attorney General’s Office, investigators from the Colorado Division of Securities found that from June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 individuals,” authorities said. “The complaint alleges that Regalado targeted Christian communities in Denver and claimed that God told him directly that investors would become wealthy if they put money into INDXcoin.”

Read more: https://abcnews.go.com/US/pastor-created-worthless-cryptocurrency-targeting-christians-support-lavish/story?id=106593937