A Colorado pastor and his wife face civil fraud charges They're accused of marketing a 'practically worthless' cryptocurrency Pastor allegedly said God told him investors would become wealthy(NewsNation) — A Colorado pastor is accused of defrauding investors of more than $3 million by marketing a “practically worthless” cryptocurrency to Christian communities and claiming God told him investors would become wealthy. Colorado Security Commissioner Tung Chan filed civil fraud charges against Eli and Kaitlyn Regalado, INDXcoin, LLC, Kingdom Wealth Exchange and others. Eli Regalado is accused of marketing and selling the cryptocurrency INDXcoin, which was available through the Kingdom Wealth Exchange — an online exchange the Regalados created and operated, according to a news release. Investigators allege that from June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 people, according to the civil complaint. The couple is accused of using investments into the “illiquid and practically worthless” cryptocurrency to support their “lavish” lifestyle, according to the release.

Source: The Nation January 27, 2024 19:25 UTC