A Denver, Colorado-based online pastor and his better half were arraigned Tuesday on charges connected to a cryptocurrency scams plan that raised more than $3 million from faith-based financiers.
Online pastor Eli Regalado and his better half, Kaitlyn, were arraigned on 40 counts coming from what Denver District Lawyer John Walsh referred to as a “multi-million-dollar cryptocurrency fraud.”
In Between January 2022 and July 2023, the Regalados supposedly got practically $3.4 million by motivating individuals in their spiritual network to purchase INDXcoin, a token they produced and offered through the Kingdom Wealth Exchange platform.
They invested a minimum of $1.3 million on individual expenses, consisting of a home restoration that they declared “the Lord” informed them to do, while just a percentage of the earnings went to business endeavor.
According to the indictment, a minimum of 300 individuals purchased the token, which authorities state “kept no worth,” leading to overall losses for all financiers.
” These charges mark a significant advance in our work to hold the Regalados liable for their declared criminal offenses and to bring a step of justice to the victims,” stated Denver District Lawyer John Walsh in a Tuesday news release, including:
” I wish to thank the district attorneys and detectives in my workplace, and, especially, the detectives with the Colorado Department of Securities and the Colorado Attorney general of the United States’s Workplace, whose exceptional deal with the case led to this indictment.”
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Pastor declares magnificent assistance
The indictment comes 6 months after the Colorado-based online pastor and his better half were charged with scams for their function in releasing and marketing the INDXcoin fraud token to their fans, Cointelegraph reported on Jan. 22.
” We declare that Mr. Regalado benefited from the trust and faith of his own Christian neighborhood which he pitched extravagant pledges of wealth to them when he offered them basically useless cryptocurrencies,” mentioned Colorado Securities Commissioner Tung Chan at the time, including:
” The grievance declares that Regalado targeted Christian neighborhoods in Denver and declared that God informed him straight that financiers would prosper if they put cash into INDXcoin.”
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Cryptocurrency rip-offs are a growing concern for retail financiers. In Might, an FBI-led examination caused the arrest of a New Zealand-based guy who supposedly took $265 million worth of digital possessions.
Authorities state the funds were utilized to purchase high-end vehicles and designer items.
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