A Denver Grand Jury has indicted a married pair of 40 counts of theft, fraud and deception, allegedly serving a cryptocurrency scam of several million dollars that mostly targeted churches, the Denver District District announced attorney in a press release on Tuesday.
Between 2022 and July 2023, Eli Regalado, who is also a priest preaching in the victorious Grace Church, and his wife Kaitlyn, the only other church employee they host in their homes, allegedly requested almost $ 3.4 million from investors who want to buy their indxcoin cryptocurrency from their kingdom Wealth Exchange.
The couple targeted Christians from their church as well as other churches to buy their cryptocurrency and promised huge returns, alleged the district attorney, but ultimately maintained the Indxcoin zero value and more than 300 investors lost their money. Regalados spent $ 1.3 million of the proceeds from their token sales on personal expenses, like a home renovation, the indictment says.
Indxcoin Whitepaper stated that the coin was “designed to grow as the cryptocurrency market explodes by benchmarking the world’s top 100 cryptocurrencies, enabling users to take advantage of growth as they reduce the risk.” However, the indictment said this was misleading.
“Eli and Kaitlyn Regalado deceived potential and current investors and did not reveal to them: that the defendant lacked liquidity to support the amount of indxcoin that was then outstanding and that indxcoin did not ‘have’ not ‘tied’ to a certain value or average of the top-100 cryptocurrencies in the world, but instead were backed by the essently no assets value, “said that pronunciation.
Colorado Securities Commissions Tung Chan initially filed charges against the couple last year. In March, the priest appeared in a video message and stated that “the charges are true.” He also said at the time that the venture was something he thought God had asked him to do.
“The Lord asked us to walk away from our parking company … … [H]E took us into this cryptocurrency … Well, the cryptocurrency turned out to be a scam …. And I said Lord … You asked me to do this, ”he said in the video.
