In November 2020, the Kingdom Wealth Exchange abruptly closed, shocking investors. Eli and Kaitlyn Regalado, a couple skilled in marketing but lacking coding skills, were responsible for this unexpected turn of events. Their fraudulent actions and extravagant spending would lead to legal consequences and damage the reputation of their church.
Pastor Eli Regalado marketed the INDXcoin and Kingdom Wealth Exchange ventures as secure investments. Unsuspecting investors bought $3.4 million worth of INDXcoins, believing they were worth at least $10 each. However, these coins were worthless.
State regulators quickly caught wind of the Regalados’ scheme. The Colorado Division of Securities promptly filed a lawsuit against them for securities fraud. Prior to their involvement with INDXcoin, their marketing company, Grace Led Marketing, had raised suspicions for selling investments without a license and dealing in unregistered securities.
As investigations unfolded, shocking revelations emerged. The Regalados diverted a significant portion of the raised funds for personal use, indulging in extravagant purchases such as a Range Rover, expensive jewelry, and designer handbags. They spent money on cosmetic dentistry, boat rentals, snowmobile adventures, home renovations, and even hired an au pair. They also funneled $290,000 into their church.
The Kingdom Wealth Exchange frequently faced liquidity issues, causing periodic closures that prevented investors from accessing their funds. An audit by cybersecurity company Hacken rated INDXcoin as a dismal “zero out of 10,” exposing the Regalados’ lack of technical expertise and revealing the true nature of their cryptocurrency.
Eli Regalado portrayed himself as destitute after the closure of the Kingdom Wealth Exchange, but investigators discovered that they had exaggerated their financial struggles. The Regalados intentionally deceived investors about the value of INDXcoin and its alleged connection to other valuable cryptocurrencies.
Initially, the couple promised to use the raised funds to support widows and orphans, but their true focus was personal gain. They directly diverted at least $1.3 million into their own accounts, devastating and betraying investors.
The Regalados’ deceit not only impacted investors but also cast a shadow over their church. Operating without a physical location, the church became entangled in the scandal as funds from the fraudulent activities flowed through it. Doubts arose about the church’s legitimacy and integrity, further damaging its reputation.
Investors suffered significant financial losses in the aftermath of the INDXcoin debacle. The actions of the Regalados serve as a reminder of the risks associated with investing in unregulated cryptocurrencies and highlight the importance of thorough due diligence.
The case of the Regalados and their fraudulent cryptocurrency venture is a cautionary tale for investors and regulators. It emphasizes the need for stricter regulations and increased oversight to protect individuals from scams and fraud.
As legal proceedings continue, investors face the repercussions of the Regalados’ deception. While the Kingdom Wealth Exchange and INDXcoin may have crumbled, the wounds caused by this elaborate fraud will endure.
In the world of cryptocurrency, trust and transparency are crucial. The story of INDXcoin and the Regalados reminds us that appearances can be deceiving and not everything that shines is valuable.
Be the first to comment