A Pastor of Colorado and his wife will face dozens of accusations related to a cryptocurrency scam that investigators say they have cheated and steal their Christian community, according to the Denver District Prosecutor’s Office.
Eli, who directed the victorious church of Grace online only, and Kaitlyn Regalado were charged by a large jury of Denver on 40 accusations of theft of theft of the values and racketeering to solicit nearly $ 3.4 million from investors who bought a created cryptocurrency called Indxcoin, the office of the district prosecutor announced on Tuesday.
Eli Regalado told his parishioners that God had ordered him to start cryptocurrency and a related market, Kingdom Wealth Exchange, as a “transfer of wealth” for the people of God, according to the indictment.
But only a fraction of this money went to the company, according to the investigators. The funds were transferred directly to the couple’s bank accounts and Venmo, and at least $ 1.3 million went to personal expenses, including plane tickets, car payments and a renovation at home, Eli Regalado said that “the Lord” told them to do so.
In a video deleted since published in January 2024, Eli Regalado admitted that his wife and wife pocketed the money but insisted “God did not finish with this project” and asked his parishioners to stand near the couple.
The Regalados knew that they were cheating on investors when they said that Indxcoin was a particularly safe and profitable form of cryptocurrency, investigators wrote in the indictment. The couple had even asked for an audit which found that the project was neither sure nor stable.
“These accusations mark a step forward in our work to hold the regalados responsible for their alleged crimes and to bring a measure of justice to the victims,” said district prosecutor John Walsh in a statement.
Eli and Kaitlyn Regalado are expected to appear in court Thursday for an hearing of release under bail.
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