One Colorado pastor has taken his faith-based cryptocurrency mission abroad while a Denver District Court issued a preliminary injunction and froze his assets. Eli Regalado, and his wife Kaitlyn, continue to face civil fraud charges back home.
As previously reported by the Denver Gazette, the Regalados face charges of allegedly creating and promoting a cryptocurrency called INDXcoin within Christian communities, promising wealth based on divine guidance, resulting in losses for investors.
In the fallout, authorities are seeking relief for those investors and advise caution against what they allege is securities fraud.
Regalado did not appear for the hearing to review the motion in Denver last month. Instead, the Colorado pastor was in Zambia attending the “Glory Shift Conference” at the “Gifted Faith Ministry” as shown in photos and posts from the ministry’s Facebook page. The Denver District Court granted a preliminary injunction and asset freeze against the couple.
“Misuse of funds is a serious charge in this matter,” said Colorado Securities Commissioner Tung Chan in a news release. “We are really happy with the Court’s order today. Freezing assets will protect what’s left in the accounts from further dissipation, and the injunction will stop the Regalados from selling any more worthless coins.”