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Denver Pastor
Denver Pastor The pastor, Eligio Regalado, and his wife, Kaitlyn Regalado, spent more than $1 million of investor funds on home renovations, plane tickets and au pair services, prosecutors said.
Faith, Fraud, and Fabricated Fortunes: The Shocking INDXcoin Scandal
In a story combining spiritual appeals and financial deception, Eligio “Eli” Regalado, a Denver pastor, and his wife Kaitlyn are accused of orchestrating a multimillion‑dollar cryptocurrency scheme under the guise of divine instruction.
The Divine Pitch
Between June 2022 and April 2023, the couple raised approximately $3.2 million from over 300 investors by promoting a cryptocurrency they created called INDXcoin. They marketed it through their platform, the Kingdom Wealth Exchange, targeting members of Christian communities with promises of spiritual and financial prosperity AP Newsdaily.denvergazette.comColorado Politics.
The couple invoked religious fervor, telling followers that “God told him directly that investors would become wealthy if they put money into INDXcoin.” Presentations were heavy with prayer, biblical quotes, and pledges of blessings and abundance daily.denvergazette.comCNN.
Unraveling the Scheme
Despite its holy branding, INDXcoin was ultimately deemed “illiquid and essentially worthless”. A third‑party audit flagged the code as insecure and technically problematic. Yet, the Regalados continued promoting INDXcoin as a “low-risk, high-profit” opportunity daily.denvergazette.comGazetteBBC.
According to investigators, at least $1.3 million of the funds raised went to support the couple’s lavish lifestyle—luxury items, vacations, home renovations, and even cosmetic dentistry—as opposed to legitimate business uses AP NewsColorado PoliticsCNN.
Confessions and Divine Defense
In a video statement, Eli Regalado admitted that the charges were “true”, including pocketing $1.3 million. He explained that “half a million dollars went to the IRS, and a few hundred thousand dollars went to a home remodel that the Lord told us to do.” He maintained his faith that “God is going to do a miracle… bring a miracle into INDXcoin” AP NewsBusiness InsiderPeople.comCNN.
Legal Fallout and Indictment
Civil fraud charges were filed in January 2024 for violating Colorado’s anti‑fraud, licensing, and registration provisions under the Colorado Securities Act AP Newsdaily.denvergazette.comGazette.
By July 2025, the case escalated when a Denver grand jury indicted the Regalados on 40 felony counts, including theft, securities fraud, and racketeering. Prosecutors alleged they solicited nearly $3.4 million from faith‑based investors between January 2022 and July 2023, while spending $1.3 million on their own personal benefit Colorado PoliticsCointelegraphWestword.
A pending civil bench trial—scheduled for May—seeks a permanent injunction, asset freeze, and restitution totaling $3.4 million Colorado Politics.
Ethical and Emotional Toll
The scandal reverberates beyond financial loss. It strikes a deep chord, revealing how trust and religious faith can be weaponized. The couple’s misuse of spiritual language—and followers’ willingness to invest based on divine promises—underscores a painful reminder: faith should not be conflated with financial advice.
One Reddit commenter aptly summarized the sentiment with dark humor:
“An online pastor was charged with civil fraud… His explanation: God told him to do it — although it’s possible he ‘misheard.’”
Looking Ahead
Legal outcomes: The criminal and civil proceedings will determine the Regalados’ fate—and whether investors might recover funds.
Community repercussions: Trust—or the lack thereof—within spiritual communities may suffer long-term consequences.
Broader lessons: This case may prompt heightened regulatory scrutiny of faith‑linked financial ventures to safeguard vulnerable groups.
