Eli and Kaitlyn Regalado face 40 counts tied to the sale of a church-promoted cryptocurrency called INDXcoin.
DENVER — A Denver grand jury has indicted pastor Eli Regalado and his wife, Kaitlyn, on 40 felony counts including racketeering, theft and securities fraud, alleging the couple raised millions through a faith-based cryptocurrency pitch and diverted at least $1.3 million for personal use.
Prosecutors say the Regalados solicited money between January 2022 and July 2023 by urging followers and other Christians to buy a token they created, INDXcoin, with promises of outsized returns and spiritual blessing. The case, now in criminal court, follows a civil crackdown by Colorado securities regulators and adds potential prison time to the couple’s financial exposure. Denver District Attorney John Walsh said the indictment is aimed at delivering justice to hundreds of investors who, according to the charging documents, were left with a coin that had no real value and no way to cash out. The arraignment is scheduled, and the case will test how traditional fraud laws apply to church-adjacent crypto ventures.
According to the indictment and statements from the DA’s office, the couple raised roughly $3.4 million from about 300 investors by marketing INDXcoin through online sermons and videos associated with their ministry, Victorious Grace Church. Prosecutors allege only a small portion went toward any business expenses. The documents say at least $1.3 million funded personal costs, including a home remodel Regalado publicly said was directed by God. “These charges mark a major step forward in our work to hold the Regalados accountable,” Walsh said in announcing the grand jury’s action. Reached by reporters after the indictment, Eli Regalado said, “Our God whom we serve will deliver us,” and declined further comment. His wife’s attorney said he had no comment on the criminal case.
Investigators say religion played a central role in the sales pitch. Videos reviewed by authorities show Regalado praying with viewers, describing the coin as a vehicle for divine provision and promising “exorbitant” returns. The coin was sold alongside an in-house marketplace called Kingdom Wealth Exchange that later shut down. Blockchain analysts who reviewed regulator evidence said the promoters lacked the technical capacity to support a functioning token or trading platform, describing the project as a mechanism to pull in investor funds rather than build a viable product. Prosecutors allege INDXcoin maintained “zero value,” and, as of the indictment, all investors had lost their money. Unknowns remain about any assets that could be seized or traced; authorities have not publicly detailed recoveries.
The criminal case follows a string of earlier actions. Colorado’s Division of Securities sued the couple in early 2024, accusing them of selling unregistered securities and deceiving investors with claims that proceeds would aid widows and orphans. A Denver judge later ruled the Regalados committed securities fraud and entered a judgment of about $3.3 million against them and other defendants. Court records also show Eli Regalado previously served time in Colorado for auto theft and has past convictions for theft and assault, details that surfaced as former associates and investors spoke out after the indictment. Those records, while unrelated to the current charges, have colored public reaction to the case and the church-centered marketing that drew in many of the investors.
On the criminal track, both defendants were booked in Denver after the grand jury’s July action and released pending court appearances. Bond for Eli Regalado was set at $100,000. The charging document lists counts under Colorado’s organized crime statute as well as securities fraud and theft, each carrying potential years in prison and restitution orders if they are convicted. Prosecutors said their office worked with the Colorado Division of Securities and the Attorney General’s Office to build the case. The arraignment for the criminal charges is set for Dec. 11 in Denver District Court. Additional hearings are expected to address discovery and any motions over the admissibility of the couple’s public statements and ministry videos.
In interviews after the indictment, several investors described financial and spiritual fallout. One former friend said he had given about $10,000 and did not expect to recover it. Another investor who learned of the coin through a Christian network said he regretted not performing deeper due diligence but was swayed by the religious framing. A third acquaintance defended Regalado’s intentions, saying only God knows motive, even as she acknowledged the losses. Outside a previous court appearance, a blockchain firm executive said cases like this damage trust in digital assets, adding that the project lacked the “technical acumen or bandwidth” to execute a functioning blockchain or exchange.
As of this week, the criminal case remains at the indictment stage, and the defendants have not entered pleas. A status update is expected at the Dec. 11 arraignment, when the court could set a schedule for motions and potential trial dates. Civil judgments tied to the earlier securities ruling remain outstanding while authorities sort through restitution and the couple’s ability to pay. Prosecutors say they are continuing to identify victims and trace funds. The next major milestone is the arraignment in Denver District Court on Dec. 11.
Author note: Last updated November 9, 2025.