A pair from Denver, Colorado, who led a web-based non secular neighborhood, has been formally accused of operating a cryptocurrency scheme that introduced in thousands and thousands from individuals inside their religion circle.
District Lawyer John Walsh introduced the costs on July 22. He referred to as the case a serious step in holding the couple chargeable for the injury brought about.
Eli Regalado and his spouse, Kaitlyn, face 40 expenses associated to selling and promoting a digital coin they created, referred to as INDXcoin.
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The couple reportedly requested members of their non secular community to put money into INDXcoin via a buying and selling platform they ran, referred to as Kingdom Wealth Alternate, between January 2022 and July 2023.
In complete, they raised about $3.4 million. Authorities say the coin held no precise worth, and over 300 individuals misplaced cash.
Out of the cash collected, at the least $1.3 million was allegedly used for private bills. This included paying for work on their dwelling, which they claimed was performed primarily based on steerage from “the Lord”. Solely a small portion of the funds was allotted to creating the enterprise itself.
In response to the most recent indictment, a lot of the investor cash went straight into the couple’s private accounts. Authorities stated the guarantees of excessive returns and spiritual messaging have been used to construct belief and persuade individuals to take a position, regardless of the coin having no market worth.
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