Eli Regalado, an online pastor in Colorado facing fraud charges for selling what authorities deem a "worthless" cryptocurrency called INDXcoin, defended his actions in a peculiar 9-minute video posted on the official INDXcoin website. Regalado, who founded INDXcoin and serves as a pastor, acknowledged the accusations against him and his partner Kaitlin Regalado, admitting, "These accusations are that Caitlin and I pocketed $1.3 million, and I just want to come forward and say these accusations are true."
The charges against Eli and Kaitlin Regalado, filed on January 18, allege fraud in issuing and marketing the false token INDXcoin to followers. The Colorado Securities Commission statement revealed that the couple is accused of taking advantage of the trust within their Christian community, making extravagant promises of wealth through the INDXcoin investment, which was essentially deemed worthless. The complaint further claims that Eli Regalado asserted that God had directed him to advise followers to invest in INDXcoin for financial prosperity.
Colorado regulators argue that from June 2022 to April 2023, INDXcoin raised nearly $3.2 million from over 300 investors, predominantly through the Kingdom Wealth Exchange platform. This online church, where Eli Regalado serves as pastor, contributed a significant portion of the raised funds. Regalado explained in the video that half of the invested money went toward taxes, with another substantial portion being allocated to home improvements, which he claimed were divinely instructed.
Regalado announced the closure of Kingdom Wealth Exchange on November 1, 2023, citing insufficient funds to maintain internal servers and claiming a state of poverty for himself and his partners. Despite acknowledging financial strain, the lawsuit filed by Colorado Securities Commissioner Tung Chan alleges that the couple spent a significant portion of the raised $1.3 million on cosmetic dentistry, luxury handbags, snowmobiles, home renovations, and lavish vacations.
