DENVER — Standing on claims of divine providence, a Colorado pastor and his wife are facing earthly consequences after allegedly influencing their congregation to invest in a mostly "worthless" cryptocurrency that they created, authorities said.
The Colorado Securities Commission filed civil fraud charges against Eligio (Eli) and Kaitlyn Regalado of Denver, INDXcoin LLC, Kingdom Wealth Exchange LLC and others for alleged violations of the anti-fraud, licensing and registration provisions of the Colorado Securities Act, according to a news release.
Regalado, a pastor, and his wife, Kaitlyn, created, marketed and sold a cryptocurrency, known as the “INDXcoin,” to members of the Christian community, according to the release. The INDXcoin was also offered through the Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange that they created, controlled and operated.
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