Online Pastor Charged with Fraud for Selling $3.2M in ‘Worthless’ Cryptocurrency

online-pastor-charged-with-fraud-for-selling-3-2m-in-worthless-cryptocurrency

The claims that a pastor in Colorado and his spouse conned churchgoers out of millions of dollars by selling cryptocurrencies that state securities authorities considered to be essentially worthless are being contested by the pastor.

According to the Colorado Department of Regulatory Agencies, Eligo and Kaitlyn Regalado were charged with civil fraud last week in Denver District Court by Colorado Securities Commissioner (CSC) Tung Chan. 

According to the complaint, the Regalados targeted the state’s Christian community in order to benefit financially from the promotion of the INDXcoin, a cryptocurrency token that the Denver couple had created.

Commissioner Chan stated in the statement that the couple reportedly used a cryptocurrency platform they founded named Kingdom Wealth platform to sell the nearly worthless and illiquid tokens between June 2022 and April 2023.

He claimed the sales funded the couple’s opulent lifestyle. Chan claimed that Mr. Regalado used the confidence and trust of his own Christian group, selling them virtually worthless cryptocurrency in exchange for ludicrous promises of prosperity. 

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Pastor Declares, ‘God Was Going to Provide’

online-pastor-charged-with-fraud-for-selling-3-2m-in-worthless-cryptocurrency
The claims that a pastor in Colorado and his spouse conned churchgoers out of millions of dollars by selling cryptocurrencies that state securities authorities considered to be essentially worthless are being contested by the pastor.

Regalado admitted in a nine-minute video on Friday that the claims he made $1.3 million from investors are accurate. Additionally, he had received supernatural guidance to leave his previous company and take over INDXcoin. 

Before minting INDX two years ago, the Regalados, according to the CSC, had no prior experience running a cryptocurrency exchange or producing a virtual token. According to the agency, almost anyone can design a cryptocurrency token. 

There are currently more than 2 million cryptocurrencies in use, and there are 701 cryptocurrency exchanges where investors may trade them, reported by the cryptocurrency marketplace CoinMarketCap.

In the video, Regalado declared that he would appear in court to answer to the accusations made against him and his spouse.

 

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