Pastor Eli Regalado and his wife, Kaitlyn, from Denver, Colorado, have been indicted for allegedly defrauding millions through the sale of INDXcoin cryptocurrency.
Charges and Fraud Amount
The Regalados are accused of raising approximately $3.4 million from more than 300 investors between January 2022 and July 2023. The indictment includes 40 criminal counts, citing breach of trust due to manipulation of religious faith.
Methods of Fraud and Misappropriation
Investors were led to believe that INDXcoin offered reliable and high returns. However, investigations revealed that the token had no real value, leading to total losses for investors. Over $1.3 million was misappropriated for personal expenses including luxury purchases and medical services.
Alleged Enterprises and Fraud Laws
Court documents detail several entities associated with the Regalados, including INDXCOIN INC. and Kingdom Wealth Exchange. Both defendants face charges under Colorado organized crime statutes for their involvement in these fraudulent schemes.
The charges against Eli and Kaitlyn Regalado highlight the importance of trust in faith communities and the need to protect investors from fraudulent schemes.
