DENVER (KDVR) โ A Denver pastor admitted he and his wife pocketed $1.3 million from customers of an online cryptocurrency exchange aimed at Christians. according to a video posted on their website at the end of last week.
The admission came after the Colorado Securities Commissioner filed civil fraud charges against Pastor Eligio Regalado and his wife Kaitlyn, as well as others involved in the alleged $3.2 million scam.
The civil complaint alleged that Regalado and his wife created, marketed and sold a cryptocurrency called โINDXcoinโ to people in the Christian community. The cryptocurrency was also available through the โKingdom Wealth Exchange,โ which was also created by the couple.
The couple advertised both online and in person through presentations given at churches, including the couple's own church, Victorious Grace Church, according to the complaint.
In his video, Regalado admitted that he created a cryptocurrency โwithout a clear exit.โ
โI know this looks bad,โ Regalado said.
In total, more than 300 people invested almost $3.2 million in the cryptocurrency.
Of that amount, the couple pocketed around $1.3 million. Regalado admitted that about $500,000 of that amount went to the IRS, and โa few hundred thousandโ dollars went โfor a house renovation that the Lord told us to do,โ Regalado said.
The complaint alleged other things the money was used for, including luxury handbags, cosmetic dentistry, snowmobiling adventures and luxury vacations.
โIn 2023, (Eli and Kaitlyn) spent more than $33,000 on travel and entertainment expenses, and nearly $20,000 on meals,โ according to the complaint.
The complaint also alleges that the couple "told investors that they would 'tithe' and 'sow' into causes that help widows and orphans," but that "the payments to 'widows and orphans'" were primarily for the couple.
โWhat we are praying for, and what we still believe in, is that God is going to do a miracle,โ Regalado said in his video.
