Denver Pastor and Wife Face Charges Over 'Worthless' Cryptocurrency Scheme
• Denver pastor Eli Regalado and wife allegedly pocketed $1.3M selling worthless "God-backed" cryptocurrency called INDXcoins to their church followers through a platform they set up.
• The couple claimed each INDXcoin was worth at least $10 but had no actual value and the exchange was technologically deficient.
• Investors cannot recoup the $3.4M total invested. The couple used the money for luxury purchases and $290K was sent to their church.
• Regalado claims he was following God's will to bring cryptocurrency to the church, though he admits they ran out of money.
• The couple now faces civil charges for securities fraud. Regalado says investors shouldn't be mad at the SEC lawyers since they did sell the crypto with no clear exit.