An online pastor based in Denver, Colorado and his wife, was charged Tuesday for accusations related to a cryptocurrency fraud program which raised more than $ 3 million from confessional investors.
Online Pastor Eli Regalado and his wife Kaitlyn were charged with 40 charges from the Denver District Prosecutor John Walsh, described as a “several million dollars cryptocurrency”.
Between January 2022 and July 2023, the Regalados would have requested nearly $ 3.4 million by encouraging people in their religious network to buy Indxcoin, a token that they created and sold via the kingdom’s wealth exchange platform.
They spent at least $ 1.3 million in personal expenses, including a home renovation that said “the Lord” told them to do, while a small product amount went to the company.
According to the indictment, at least 300 people invested in the token, which, according to the authorities, “maintained a zero value”, resulting in total losses for all investors.
“These accusations mark a step forward in our work to hold the regalados responsible for their alleged crimes and to bring a measure of justice to the victims,” Walsh said in a press release on Tuesday, adding:
“I would like to thank the prosecutors and investigators of my office and, in particular, investigators from the Colorado securities division and the Office of the Prosecutor General of Colorado, whose unanswered work led to this indictment.”
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The pastor claims divine management
The accusation act comes six months after the online pastor based in Colorado and his wife were accused of fraud for their role in the delivery and marketing of the indxcoin scam token to their supporters, Cointelegraph reported on January 22.
“We allegedly alleged that Mr. Regalado took advantage of the confidence and the faith of his own Christian community and that he has stuck in bizarre wealth promises when he sold them essentially without value of cryptocurrencies,” said the commissioner for the securities of Colorado Tung Chan at the time, adding:
“The complaint alleys that Regalado targeted the Christian communities in Denver and said that God had told him directly that investors would become rich if they were putting money in Indxcoin.”
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Cryptocurrency scams are a growing problem for retail investors. In May, a survey led by the FBI led to the arrest of a New Zealand man who stole $ 265 million in digital assets.
Authorities say that funds have been used to buy luxury cars and designer products.
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