A Denver, based on the online Pastor of Colorado and his wife was accused on Tuesday on charges related to a cryptocurrency fraud scheme that raised more than $ 3 million from faith -based investors.
Online pastor Eli Regalado and his wife Kaitlyn, are accused Of the 40 number derived from what Denver’s district attorney John Walsh described as a “multi-million-dollar cryptocurrency scam.”
Between January 2022 and July 2023, Regalados is said to have asked for about $ 3.4 million by encouraging people to their religious network to buy Indxcoin, a token they created and sold through the Kingdom exchange platform.
They spent at least $ 1.3 million for personal expenditures, along with a home renovation claiming that they claimed that “the Lord” had told them to do, while only a few proceeds went to business adventure.
According to the accusation, at least 300 people invested in the token, which authorities said “maintaining the amount of zero,” resulting in total losses for all investors.
“These charges have been marked with a key step in our work to perform the regulations responsible for their alleged crimes and bring a measure of justice to the victims,” Walsh said on a Tuesday Press releaseAdding:
“I would like to thank the prosecutors and investigators in my office, and, in particular, investigators with the Colorado Division of Securities and the Colorado’s lawyer’s office, whose remaining work in the case resulted in this accusation.”
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Pastor claims divine guidance
The accusation comes six months after Colorado-based Online pastor and his wife Charged fraud for their role in the release and marketing of the Indxcoin scam token to their followers, Cointelegraph reported on January 22.
“We say that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he was walking in flawless promises of wealth to them when he sold them essentially worthless cryptocurrencies,” Nakasa said Colorado Securities Commissioner Tung Chan at that time, adding:
“The complaint declares that Regalado targets Christian communities in Denver and claims that God told him that investors would be rich if they put money on Indxcoin.”
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Cryptocurrency scams are a growing issue for retail investors. In May, an investigation led by FB led to the arrest of a New Zealand-based person allegedly Stolen $ 265 million Worth of digital assets.
Authorities said the funds were used to buy expensive cars and designer goods.
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