In today’s news, a Colorado pastor and his wife are under legal scrutiny for allegedly pocketing $1.3 million in a cryptocurrency scam. Eli Regalado, the pastor of the online Victorious Grace Church, and his wife, Kaitlyn Regalado, face civil fraud charges filed by Colorado Securities Commissioner Tung Chan. The couple is accused of targeting Christians, persuading them to invest in their cryptocurrency, INDXcoin, which has been deemed “illiquid and practically worthless.”
INDXcoin Update https://t.co/nLdcsAMJii
— INDXcoin (@indxcoin) June 9, 2023
According to the lawsuit, the Regalados sold nearly $3.4 million in crypto, assuring investors that INDXcoin was “safer than other currencies” and valuing each coin at least $10. However, the complaint reveals that the Regalados had a mere fraction of the assets to back the coins. The couple allegedly used investor funds for personal luxuries, including a home remodel that Eli Regalado claimed was directed by the Lord.
Facing accusations of unjust enrichment, the lawsuit aims to recoup investor losses and place a constructive trust on the Regalados’ remodeled home. The pastor, in response, admitted to the charges but cited inexperience and claimed to follow divine guidance.
As the legal battle unfolds, investors await justice and the outcome of the upcoming hearing scheduled for January 29. The case serves as a stark reminder for the crypto community to exercise caution and skepticism, especially when faced with promises of extraordinary returns.
