Colorado-based online pastor Eli Regalado, who is also the founder of INDXcoin, has publicly admitted to fraud charges.
What Happened: The pastor, facing accusations from the Colorado Securities Commission, revealed in a video confession that he and his partner Kaitlin Regalado misappropriated $1.3 million.
The video, lasting nine minutes and shared on the INDXcoin website, shows Regalado addressing the community, “The charges are that Kaitlin and I pocketed $1.3 million, and I just want to come out and say those charges are true.”
An online pastor was charged in CO for a $1.3 million crypto scam. He’s released a 9-minute-long video explaining that the Lord told him to sell a cryptocurrency with no clear exit”, and spend some of the proceeds on “a home remodel the Lord told us to do”.Here’s a supercut. pic.twitter.com/scKpF8nyrT
— Molly White (@molly0xFFF) January 21, 2024
The couple was charged on January 18 for their involvement in distributing and promoting INDXcoin, which has been deemed a fraudulent token.
The INDXcoin was also offered through the Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange that they created, controlled and operated.
“Katelyn and I are being charged in a civil charge from the Colorado Securities and Exchange Commission for basically selling millions of dollars worth of cryptocurrency that is deemed worthless by the state. And the reason that they’re seeing that it’s worthless is because there is no exit for people who have bought,” Regalado said adding, “We launched an exchange, the exchange, technology failed, things went downhill. And from that point forward, we’ve just been, we’ve just been waiting on the Lord, literally for a miracle.”
Colorado Securities Commissioner Tung Chan said that Regalado allegedly exploited the Christian community’s trust. “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.”
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Why It Matters: From the mid-2022 to early 2023 period, Regalado’s enterprise garnered around $3.2 million from over 300 investors via the so-called Kingdom Wealth Exchange. The majority…
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