Denver Pastor and Wife Indicted for Fraud in ‘God-Inspired’ Cryptocurrency Scheme
A Denver-based pastor and his wife have been charged with multiple counts of theft, securities fraud, and racketeering in connection to a cryptocurrency venture they promoted as “God-inspired.” The couple allegedly raised millions of dollars from their Christian followers by selling a digital coin that prosecutors say held no real value.
Eligio Regalado, pastor of Victorious Grace Church, and his wife, Kaitlyn Regalado, were indicted on Tuesday by a grand jury in Denver District Court. They face 40 counts related to their creation and sale of INDXcoin, a cryptocurrency they marketed to approximately 300 investors between January 2022 and July 2023. The prosecutors state the couple raised about $3.4 million through the scheme.
According to the Denver District Attorney’s Office, instead of using the funds for business operations or sustaining the liquidity of INDXcoin and the Kingdom Wealth Exchange— the platform where the coin was bought and sold—the couple diverted more than $1.3 million for personal expenses. These expenditures included home renovations, airfare, motel stays, and au pair services, reflecting a lavish lifestyle rather than legitimate business investments.
The indictment portrays the Regalados’ cryptocurrency sales as a fraudulent endeavor that exploited their religious community’s trust under the premise that the coin was inspired by divine guidance. The case highlights concerns over scams that leverage faith-based messaging to manipulate investors in emerging digital asset markets.
The Denver District Attorney’s Office has emphasized its commitment to holding accountable those who deceive investors and misuse funds, particularly when vulnerable communities are targeted. The Regalados’ trial is expected to shed more light on the intricacies of the scheme and the broader risks associated with unregulated cryptocurrencies.
This case serves as a cautionary tale for investors to exercise due diligence and skepticism—especially when investment opportunities come wrapped in claims of spiritual or divine endorsement. Authorities continue to investigate and monitor cryptocurrency activities to prevent similar fraudulent operations from gaining traction.