A Denver-based couple is facing serious fraud charges after allegedly luring their religious followers into a cryptocurrency scheme that prosecutors say was built on deception and false promises.
Eli and Kaitlyn Regalado are accused of raising over $3 million by promoting a token called INDXcoin to fellow Christians, claiming divine inspiration for the project. Authorities allege that instead of funding a viable business, a large portion of the money was used for personal luxuries, including a major home renovation.
The digital asset, sold through a platform the couple operated, was ultimately deemed worthless, leaving around 300 investors with nothing.
The Denver District Attorney’s office, alongside state securities regulators, filed 40 counts against the couple, describing the scheme as one that preyed on religious trust and community bonds. Eli Regalado had previously claimed that God instructed him to promise investors wealth if they supported the token.
The indictment follows an earlier fraud complaint filed in January. The case adds to growing concerns about crypto scams targeting vulnerable communities, especially amid rising reports of financial fraud within the industry.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/u-s-pastor-accused-of-using-religion-to-promote-crypto-scam/