Pastor Eli Regalado Charged with Crypto Fraud in Colorado

Denver, Colorado - A Colorado pastor, Eli Regalado, has found himself on the wrong side of the law, facing charges of securities fraud and other offenses related to a cryptocurrency scheme that allegedly defrauded investors of millions of dollars. Regalado, who led an online church, marketed a cryptocurrency called INDXcoin to his followers, promising them financial blessings and claiming divine guidance for his digital currency venture.

Heavenly Promises, Earthly Losses:

The Colorado Division of Securities filed a civil complaint against Regalado and his wife, Kaitlyn, accusing them of violating state securities laws. The complaint alleges that the couple:

• Created and sold INDXcoin without registering it with the state.
• Made false and misleading statements about the value and potential of INDXcoin.
• Used their religious authority to gain trust and exploit investors.
• Pocketed millions of dollars in investor funds for personal use.

From Pulpit to Courtroom:

The investigation into Regalado began after the Division of Securities received complaints from investors who had lost money in INDXcoin. The investigation revealed that Regalado and his wife had raised nearly $3.2 million from more than 300 investors. They allegedly spent much of the money on themselves, including luxury cars, vacations, and home improvements.

Divine Defense or Desperate Deception?

Regalado has denied the allegations and claims that he was acting on God's instructions when he created INDXcoin. He has also said that he has no experience in finance or cryptocurrency and that he was simply trying to help his followers.

Impact Beyond the Faithful:

The case has raised concerns about the potential for fraud in the cryptocurrency market and the role of religious leaders in financial matters. It has also highlighted the importance of investor education and due diligence before investing in any cryptocurrency.

What's Next for the Pastor and His Flock?

Regalado and his wife are scheduled to appear in Denver District Court next week. They could face significant penalties if they are found guilty of the charges against them.

Beyond the Local:

The case has been widely covered by the media, including articles in The New York Times, The Washington Post, and CNN. It has sparked discussions about the intersection of faith, finance, and fraud, with many questioning how a religious leader could allegedly use their position to exploit trust for personal gain.

A Call for Caution:

This case serves as a stark reminder to all investors, to approach any investment opportunity with caution and skepticism. Do your research, seek professional advice, and never invest based solely on promises of quick riches or divine intervention.

Additional Information:

• The Colorado Division of Securities has issued a warning to investors about INDXcoin and urges anyone who has invested in the cryptocurrency to contact them.
• The case has sparked ongoing conversations about cryptocurrency regulation and the need for investor protection in the rapidly evolving digital asset market.