Online Pastor Indicted for $3.4M Crypto Scam

Summary

Eli Regalado, an online pastor from Denver, and his wife Kaitlyn were indicted on 40 counts related to a cryptocurrency fraud scheme that defrauded faith-based investors of over $3 million. From January 2022 to July 2023, they allegedly solicited nearly $3.4 million for INDXcoin, a token created and sold through the Kingdom Wealth Exchange platform. The Regalados reportedly spent at least $1.3 million on personal expenses, including home renovations, while only a small portion of the funds was used for the business. The token is claimed to have had no value, resulting in total losses for approximately 300 investors. The indictment follows earlier fraud charges against the couple for marketing the token to their religious community, promising wealth based on claims of divine guidance. Authorities emphasize the growing issue of cryptocurrency scams targeting retail investors.

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