He claimed that God had told him directly that investors would become wealthy.
A pastor and his wife have been charged with fraud for allegedly creating virtual currency, marketing it to the Christian community, and using the proceeds to fund a “luxury lifestyle,” authorities said.
According to a statement from the Colorado Department of Securities, Denver, Colorado pastor Eli Regalado and his wife, Caitlin Regalado, “created and sold a cryptocurrency known as 'INDX Coin,' which was sold to members of the Christian community.” . “INDX coins were also offered through Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange they created, managed and operated.”
Colorado Securities Commissioner Tan Chan on Thursday accused Eligio (Eli) and Caitlin Regalado of Denver and the coins they used to sell coins for allegedly violating Colorado Securities' anti-fraud, licensing and registration regulations. The company was sued for civil fraud. Securities law.
“According to a complaint filed by the Colorado Attorney General’s Office, investigators from the Colorado Bureau of Securities revealed that INDXcoin raised approximately $3.2 million from more than 300 individuals between June 2022 and April 2023. discovered,” authorities said. “The complaint alleges that Regalado targeted the Christian community in Denver and that God directly told him that investors would become wealthy if they put their money into INDXcoin.”
The Colorado Bureau of Securities said the Regalados had no experience with cryptocurrencies and that “a third-party auditor's report found that their INDX coin code was unsafe, insecure, and had serious technical issues.” That was clear from the fact that he allegedly said that he was there.”
However, Regalados lost millions of dollars to investors and Regalados wiped them out, even though “INDX Coin was illiquid and virtually worthless,” according to the complaint. It continued to promote INDX coin as a low-risk, high-return investment. These are funds that support their “luxury lifestyles.”
“We allege that Mr. Regalado exploited the trust and faith of his Christian community and sold them essentially worthless virtual currencies with outlandish promises of wealth. “There are,” Secretary Chan said. “Open source code makes it easy to create new coins and new exchanges. We want to remind consumers to be very skeptical.”
The lawsuit, filed in Denver District Court, seeks preliminary and injunctive relief, damages for investors, and a constructive trust placed in the defendants' assets.
The investigation into Regalado's transactions is ongoing, and authorities are asking anyone who has invested in INDXCoin or any other Regalado entity to contact the Colorado Division of Securities at dora_SecuritiesWebsite@state.co.us or 303-894-2320. You can contact us.
