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Denver Pastor Convicted in Crypto Fraud Scheme Involving INDXcoin
Denver Pastor Convicted in Crypto Fraud Scheme Involving INDXcoin
23
3
BTCCSquare news:
A Denver pastor and his wife have been found guilty of orchestrating a cryptocurrency fraud scheme targeting local Christian communities. Eli Regalado and Kaitlyn Regalado marketed INDXcoin through their Kingdom Wealth Exchange platform, promising low-risk, high-return investments to approximately 300 victims between mid-2022 and April 2023.
Colorado securities regulators rated INDXcoin 0 out of 10 for reliability, yet the couple continued their deceptive practices. Court documents reveal Regalado converted proceeds to cash, allocating half to IRS payments and the remainder to what he called "divinely inspired home renovations." The case highlights ongoing challenges in policing faith-based financial scams within the crypto sector.
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