A Colorado-based pastor and his wife, Eli Regalado and his wife, are accused of running a $1.3 million cryptocurrency fraud scheme through their cryptocurrency, INDXcoin, targeting Christian communities in Denver. The pastor claimed that God instructed him to do it and promised wealth to investors. INDXcoin raised nearly $3.2 million, with at least $1.3 million allegedly going to the Regalados for personal benefit. The couple spent the funds on a Range Rover, luxury items, home remodeling, and more.
They are charged with violating anti-fraud provisions under the Colorado Securities Act, and the cryptocurrency is now considered practically worthless. The couple faces securities fraud, unlicensed broker-dealer activity, selling unregistered securities, and imposition of constructive trust charges. They are scheduled to appear in court next week.
