Press Release - Colorado Securities Commissioner Files Complaint Against Alleged Cryptocurrency Fraud Scheme

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DENVER, CO – January 18, 2024 - Colorado Securities Commissioner Tung Chan filed civil fraud charges against Eligio (Eli) and Kaitlyn Regalado of Denver, INDXcoin, LLC, Kingdom Wealth Exchange LLC and others for alleged violations of the anti-fraud, licensing and registration provisions of the Colorado Securities Act.    

Eli Regalado, a pastor, and his wife Kaitlyn created, marketed and sold a cryptocurrency, known as the “INDXcoin” to members of the Christian community. The INDXcoin was also offered through the Kingdom Wealth Exchange (KWE), an online cryptocurrency exchange that they created, controlled and operated.

The action, filed in Denver District Court, seeks preliminary and injunctive relief, damages for investors and for a constructive trust to be placed on the Defendants’ property.

According to the complaint filed by the Colorado Attorney General’s Office, investigators from the Colorado Division of Securities found that from June 2022 to April 2023, INDXcoin raised nearly $3.2 million from more than 300 individuals. The complaint alleges that Regalado targeted Christian communities in Denver and claimed that God told him directly that investors would become wealthy if they put money into INDXcoin.

The Regalados had no experience in cryptocurrency which was clear when a third-party auditor’s report allegedly described their INDXcoin code as unsafe, unsecure and riddled with serious technical problems. Despite that report, the Regalados allegedly continued to promote the INDXcoin as a low risk, high profit investment.

The complaint alleges that in reality, the INDXcoin was illiquid and practically worthless; investors lost millions; and Defendants dissipated investor funds to support their lavish lifestyle.

“We allege that Mr. Regalado took advantage of the trust and faith of his own Christian community and that he peddled outlandish promises of wealth to them when he sold them essentially worthless cryptocurrencies,” said Commissioner Chan. “New coins and new exchanges are easy to create with open source code.  We want to remind consumers to be very skeptical.”

If you or someone you know has invested with INDXCoin or any of Eli Regalado’s other entities, please contact the Colorado Division of Securities at or 303-894-2320.

Defendant List: Eligio Regalado; Kaitlyn Regalado aka Kaitlyn Dorsey, INDXcoin, LLC; Kingdom Wealth Exchange, LLC; Grace Led Marketers, LLC

Access the complaint here

About DORA and the Division of Securities

DORA is the state's umbrella regulatory agency, charged with managing licensing and registration for multiple professions and businesses, implementing balanced regulation for Colorado industries, and protecting consumers. Our nearly 600 employees are dedicated to preserving the integrity of the marketplace and promoting a fair and competitive business environment throughout Colorado.

The Division of Securities exists to protect investors and maintain confidence in the securities market, while avoiding unreasonable burdens on the marketplace by licensing securities professionals, enforcing securities law violations, and helping Coloradans become more informed investors. Visit to learn more.