BREAKING NEWS – Denver, Colorado – A Colorado pastor has admitted to pocketing $1.3 million that he and his wife collected through what authorities call a “cryptocurrency fraud scheme.”
Eligio “Eli” Regalado and Kaitlyn Regalado of Denver, INDXcoin, LLC, Kingdom Wealth Exchange LLC “created, marketed and sold a cryptocurrency, known as the ‘INDXcoin’ to members of the Christian community,” the state’s securities commissioner said in a statement.
The Colorado Attorney General’s Office filed a complaint in Denver District Court alleging that from June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 individuals.
The pastor said in a video statement posted online as “lawsuit response” that half a million of the $1.3 million went to the Internal Revenue Service, with a few hundred thousand dollars going to a “home remodel that the Lord told us to do.”
The pastor and his wife blamed the Christian community for getting ripped off by them. The two of them explained that those Christians should’ve read their bible regarding wolves in sheep clothing, so it’s their own fault due to their ignorance of the scriptures.