Colorado pastor Eli Reginado charged with fraud over $3.2 million in investor losses from INDXcoin

Eli Reginado and his wife, Catelyn, face fraud charges in Colorado following an investigation into the promotion of a cryptocurrency known as INDXcoin. Prosecutors allege that the couple marketed the digital asset as a high-income, low-risk investment to members of their online congregation, Victorios Grace, and other churches. The Colorado Securities Department had previously designated INDXcoin as a “scam,” noting that it was available only through the Kingdom Wealth Exchange, an entity that Reginado closed last year.

Investigators determined that Reginado solicited approximately $3.2 million from investors who believed the venture was divinely inspired. Despite claims that the exchange was shut down, authorities state that Reginado used at least $1.3 million for personal gain. Reginado acknowledged in a video to investors that he had no prior experience with cryptocurrency, stating that he did not know how to operate the system but believed the Lord had directed him to build it.

In a statement to the Colorado Securities Commission, Reginado admitted that he may have “misread” God’s message regarding the project. He told followers that a miracle was still possible despite the legal charges. The commission stated that Reginado exploited the trust and faith of his Christian community by offering promises of wealth tied to a product they deemed useless.

Reginado has provided explanations for the use of investor funds, claiming that $1.3 million was spent on taxes and that several hundred thousand dollars went toward the reconstruction of a house at the Lord’s direction. However, investigators allege evidence of other personal expenditures, including luxury bags, jewelry, boat rentals, and other items.

The case highlights the intersection of religious authority and financial accountability. Reginado, who reportedly found faith twenty years ago while serving time for a traffic offense, has led his online ministry where he and his wife are described as the only employees. The legal proceedings distinguish between the alleged spiritual motivation and the factual charges of fraud, emphasizing the duty of leaders to handle entrusted resources with integrity.

The pursuit of justice in such cases reflects the broader call for accountability among those in positions of trust. As the legal process continues, the focus remains on the protection of victims and the requirement for truthful conduct in ministry leadership. The situation underscores the necessity for transparency and ethical stewardship, aligning with the principle that those who are given much will be required to answer for it, as referenced in Luke 12:48.

Source: Read the original report (translated from Ukrainian)