A Colorado pastor who convinced his followers to buy millions of dollars worth of a cryptocurrency called “INDXcoin” allegedly stole $1.3 million in proceeds, which he spent on a Range Rover, lavish vacations, luxury goods, and a remodel of the home he claims he was ordained. By God.
The Colorado Securities Division filed civil fraud charges last week against Eli Regalado and his wife, Kaitlyn, accusing them of selling “illiquid and virtually worthless” currency to members of the Christian community, depriving them of millions of dollars.
Regulators accuse the two of creating, marketing and selling INDXcoin through the Kingdom Wealth Exchange (KWE), an online exchange. also Created and running. From June 2022 through April 2023, INDXcoinc raised approximately $3.2 million from more than 300 investors.
In a video update addressing these accusations, Regalado confirmed that the two had already fled with more than $1 million in possession.
“Out of $1.3 [million]“Half a million dollars went to the IRS, and a few hundred thousand dollars went to a house remodel that the Lord asked us to do,” he said.
Many of the comments below the video praise Regalado's ruling and reaffirm their belief in God's plan for the ultimate success of the coin.
One comment read: “Stay in the boat, trust the Lord, and stop looking into the storm.” Another says: “I'm going to ask the Lord to show you his glory on the Ellie cryptocurrency project. Keep us posted! Love to your wife too. ❤️”
Eli and Kaitlyn Regalado claim to have been ordained by Destiny Churches & Ministries International, which promoted INDXcoin as the “best cryptocurrency opportunity ever” to its Facebook followers in 2022.
Eli Regalado told his online church followers that God instructed him directly that investors would get rich if they bought INDXcoin, according to a complaint filed by the Colorado Attorney General's Office.
The complaint alleges that the Regalados also told investors that a percentage of their money would go to causes helping “widows and orphans,” when in fact the payments “were primarily to the Regalados.”
The couple had no previous experience in the field of cryptocurrencies, but they entered the field anyway, with God’s guidance. A third-party audit cited by the Securities Commission reportedly found that INDXcoin code was “unsafe, insecure, and riddled with serious technical issues.”
“He took us to this cryptocurrency,” Regalado said in the video last week. “I said: Lord…what do you want me to do?” And the Lord said, “I want you to build this the way it should be done.”
He continued: “The Lord said: Give them 10 times more.” [return].' And I'm like, well, where is this liquidity going to come from? And the Lord says: “Trust in Me.”
The couple faces a preliminary hearing in Colorado District Court on January 29.
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