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Comment: WP:BLP1E applies 🇺🇦 FiddleTimtrent FaddleTalk to me 🇺🇦 17:25, 29 October 2024 (UTC)
Eligio (Eli) Regalado is an American pastor. Regalado and his wife, Kaitlyn Regalado, were charged with fraud in January 2024 for violations of the anti-fraud, licensing and registration provisions of Denver’s Securities Act.[1]
Regalado, a Christian pastor in Denver, Colorado, and his wife created and sold a cryptocurrency, INDXcoin, to members of their Christian community as well as through Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange that the couple created, controlled, and operated. A Colorado Securities Commissioner filed civil fraud charges on January 16, 2024 against the Regalados, along with the companies they allegedly used to sell the coins, for alleged violations of the anti-fraud, licensing and registration provisions of the Colorado Securities Act.[2] The complaint filed by the Colorado Attorney General’s Office alleged that Regalado specifically targeted Christian communities in Denver, claiming INDXcoin's success was "guaranteed by God."[3] However, Colorado state regulators alleged that INDXcoin was “essentially worthless” and the Regalados misled investors into believing the cryptocurrency was a low risk, high profit investment. Around $1.3 million in gains were allegedly pocketed by the couple and spent on lavish expenditures, such as a a Range Rover, home renovations, and extravagant vacations.[4]
In a video statement posted by Regalado days after the complaint was filed, he stated “the charges are that Kaitlyn and I pocketed 1.3 million dollars, and I just want to come out and say that those charges are true.”[5] Regalado was seen promoting cryptocureencies at a religious conference in Zambia after missing a preliminary court hearing.[6]
- ^ https://securities.colorado.gov/press-release/press-release-colorado-securities-commissioner-files-complaint-against-alleged
- ^ https://securities.colorado.gov/press-release/press-release-colorado-securities-commissioner-files-complaint-against-alleged
- ^ https://drive.google.com/file/d/1wSdd4sBuFkXz2crI4bmCwcypkEYYuA66/viewd
- ^ https://drive.google.com/file/d/1wSdd4sBuFkXz2crI4bmCwcypkEYYuA66/viewd
- ^ https://www.cnn.com/2024/01/24/us/colorado-pastor-crypto-fraud-cec/index.html
- ^ https://securities.colorado.gov/press-release/press-release-complaint-against-eli-regalado-and-indxcoin-amended-to-include-12