Denver Pastor & Wife Face Indictment in Brazen $3.4M Crypto Scheme—Faith Meets Fraud
Another day, another crypto scandal—this time with a holy twist. A Denver pastor and his wife just got slapped with indictments for allegedly running a $3.4 million digital asset grift. Who said miracles don’t happen in bear markets?
Holy ROI or unholy scheme?
The DOJ claims the couple promised celestial returns—turns out they were just mining suckers. Victims reportedly poured cash into their ‘faith-based’ crypto play, only to watch it evaporate faster than a meme coin’s liquidity.
When the faithful become the fleeced
Prosecutors allege old-school Ponzi tactics dressed in blockchain buzzwords. Fake wallets? Check. Inflated APYs? Obviously. A ‘trust God’ investment strategy? Sadly, yes.
Bonus jab: Nothing boosts a token’s price like a pastor’s endorsement—until the SEC comes knocking. Maybe they should’ve prayed for better opsec.
“Guaranteed by God”
The couple allegedly spent the majority of the $1.3 million on cosmetic dentistry, luxury handbags, snowmobiles, and luxury vacations,” according to the Colorado Securities Commission’s statement in January 2024.
Of the more than $3 million raised from investors, Regalado claimed that half went to the Internal Revenue Service on taxes, while stating that "a few hundred thousand dollars went to a home remodel that the Lord told us to do."
In a since-deleted video posted in January 2024, Eli Regalado admitted the allegations were accurate.
However, he maintained that "God is not done with this project" and asked his followers to stand by the couple.
According to legal filings made by the state, the pastor had told investors their success was "guaranteed by God" and dismissed legal expert advice that INDXcoin constituted a security requiring proper registration.
"These charges mark a major step forward in our work to hold the Regalados accountable for their alleged crimes and to bring a measure of justice to the victims," said Denver District Attorney John Walsh.
