Colorado Pastor and Wife Indicted in $3.4 Million Cryptocurrency Fraud
- Eli Regalado and his wife, Kaitlyn, were indicted on 40 counts related to a cryptocurrency scam.
- The couple allegedly raised nearly $3.4 million from over 300 investors through the sale of INDXcoin.
- They reportedly spent at least $1.3 million on personal expenses, including home renovations.
- Authorities claim that INDXcoin had “zero value,” resulting in total losses for all investors.
- The indictment follows earlier fraud charges filed against the Regalados six months prior.
This case highlights ongoing issues with cryptocurrency scams targeting vulnerable communities, particularly faith-based groups. Denver District Attorney John Walsh emphasized the importance of accountability for such fraudulent activities.
The Regalados’ actions led to significant financial losses for their investors, reflecting the risks associated with unregulated cryptocurrency ventures like INDXcoin.(Source)
