Denver Pastor Ordered to Repay $3.39M in Crypto Fraud Case

A Denver pastor and his wife have been ordered to repay $3.39 million after a court ruled their cryptocurrency scheme defrauded hundreds of church members. Eligio 'Eli' Regalado Jr. and Kaitlyn Regalado sold worthless INDXcoin tokens to over 600 investors, many from their Christian community, between June 2022 and April 2023.

Colorado Securities Commissioner Tung Chan condemned the couple for leveraging faith to perpetrate what he called an 'old-fashioned scam.' The case gained notoriety when Eli Regalado admitted in a YouTube video to using investor funds for personal expenses, including a home remodel he claimed was divinely inspired.

The scheme collapsed after their Kingdom Wealth Exchange failed following just one day of operation. Investor money was allegedly spent on luxury items including jewelry, designer clothes, and a Range Rover. A Denver grand jury has separately indicted the couple on 40 criminal counts.