Denver Pastor, Wife Indicted in Alleged $3.4 Million Crypto Scam

Key Points

1. Eli and Kaitlyn Regalado were indicted for defrauding over 300 investors of nearly $3.4 million between January 2022 and July 2023 through their cryptocurrency, INDXcoin.

2. The couple marketed INDXcoin through their online-only Victorious Grace Church, using faith-based connections to promote the investment.

3. Investors were told the cryptocurrency could only be exchanged through Kingdom Wealth Exchange, a platform they controlled.

4. The Regalados allegedly spent $1.3 million of the funds on personal luxuries, including cosmetic dentistry, luxury handbags, snowmobiles, and vacations.

5. Eli Regalado claimed divine guidance for the scheme, telling investors to hold their investments despite lack of returns and dismissing legal warnings about INDXcoin being an unregistered security.