HomeCrimeOnline preacher charged in $3M scam

Online preacher charged in $3M scam

Rev. Eli Regalado in screengrab from Regalado

Rev. Eli Regalado in a screengrab from Regalado’s video response to a lawsuit by Colorado state regulators on INDX cryptocurrency website.

Prosecutors in Colorado say an online reverend and his wife raked in millions through a “worthless” cryptocurrency scam for their digital church.

Eli and Kaitlyn Regalado now face civil fraud charges after investigators uncovered how the couple allegedly squandered over $1 million from investors on everything from home renovations and child care to luxury vehicles, jewelry, makeup, handbags, snowmobile trips and more.

The Regalados created a cryptocurrency targeting Christians known as “INDXcoin” over a year ago, prosecutors said. The Colorado attorney general said in an announcement late last week that the state’s securities division found that from June 2022 to April 2023, INDXcoin generated almost $3.2 million from roughly 300 investors for its bunk product.

In his videos promoting the digital currency, Eli Regalado, having no background in crypto whatsoever, “took advantage of the trust and faith of his own Christian community” by claiming it was easy for his followers to become wealthy by putting their funds into INDX and letting him and the lord take it from there, prosecutors allege.

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