A Colorado pastor and his wife are facing dozens of charges in connection to a cryptocurrency scam after investigators say they used “faith-based connections” to steal millions from investors, according to the Denver District Attorney’s Office.
Eli, who ran the online-only Victorious Grace Church, and Kaitlyn Regalado were indicted by a grand jury on 40 charges connected to soliciting nearly $3.4 million from investors who bought into a cryptocurrency they created and marketed called INDXcoin, the DA’s office announced Tuesday.
Only a small amount of that money went toward the business, investigators say, and at least $1.3 million went to personal expenses, including a home renovation the couple said “the Lord” told them to do.
“These charges mark a major step forward in our work to hold the Regalados accountable for their alleged crimes and to bring a measure of justice to the victims,” Denver District Attorney John Walsh said in a statement.
This is a developing story and will be updated.
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