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Pastor’s Assets Locked Down Amidst Scandal

A Denver judge has ordered the freezing of financial accounts belonging to Pastor Eligio “Eli” Regalado and his wife, Kaitlyn, leaders of Victorious Grace Church. The couple faces civil fraud charges in connection with their sale of a cryptocurrency named “INDXcoin” to Christian followers, allegedly resulting in a personal gain of $1.3 million. Judge David Goldberg characterized their actions as “unmitigated greed.”

The decision followed a two-hour hearing during which the judge ruled that the couple, their affiliated entities, and the church should be denied access to the funds obtained through the alleged fraudulent activities. The court order also prohibits the sale of their cryptocurrency or any other investments within the state.

Colorado Securities Commissioner Tung Chan has charged the Regalados, along with INDXcoin, LLC, and Kingdom Wealth Exchange LLC, accusing them of selling $3.2 million worth of the cryptocurrency to Christian investors. The couple claimed divine endorsement, asserting that the investment would bring wealth to their followers. The charges include violations of anti-fraud, licensing, and registration provisions under the Colorado Securities Act.

The complaint, filed by the Colorado Attorney General’s Office, outlines that Regalado, acting as a pastor, specifically targeted members of other churches within the evangelical Christian community. INDXcoin reportedly raised nearly $3.2 million from over 300 individuals in Christian communities in Denver between June 2022 and April 2023. Even after authorities shut down INDXcoin and Kingdom Wealth Exchange, Regalado allegedly continued to reassure investors that God was in control while spending their money on personal expenses.

An audit of the couple’s bank accounts revealed concerning expenditures on jewelry, vacations, airline tickets, clothing, and home remodeling. In response to the charges, Regalado insisted that he was following what he believed to be God’s guidance, explaining that they sold a cryptocurrency with no clear exit and expressing hope for a financial miracle.