Colorado pastor accused of multimillion dollar crypto scheme

Source: BBC

Colorado pastor accused of multimillion dollar crypto scheme

23 January 2024

By Brandon Drenon
BBC News, Washington

A Colorado pastor and his wife have been charged with duping hundreds of local Christians in a multimillion dollar a cryptocurrency scheme.

Prosecutors accuse pastor Eli Regalado and his wife, Kaitlyn, of fraudulently raising over $3m (£2.4m) by selling "practically worthless" crypto.

The Regalados pocketed at least $1.3m in the alleged scheme between June 2022 and April 2023, prosecutors say.

Mr Regalado said his plan was inspired by God, according to court filings.

The pastor said that "God told him directly that investors would become wealthy" by investing into INDXcoin, a cryptocurrency created, marketed, and sold by the Regalados, according to the complaint.

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Read more: https://www.bbc.com/news/world-us-canada-68072665