Press Release - Complaint Against Eli Regalado and INDXcoin Amended to Include 12 Additional Defendants

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                                                                                        NEWS RELEASE

For Immediate Release

Media Contact:
Annelise Grygiel


Denver - February 12, 2024 - Colorado Securities Commissioner Tung Chan filed an amended complaint in the civil fraud case against Eligio (Eli) and Kaitlyn Regalado of Denver, INDXcoin, LLC and Kingdom Wealth Exchange LLC. The amended complaint, filed in Denver District Court, includes new evidence and expands to 12 more defendants, including Mr. Regalado’s father and brother-in-law.

The amended complaint alleges that Eli Regalado’s father, Eligio P. Regalado Sr., also violated the anti-fraud, licensing and registration provisions of the Colorado Securities Act. Like his son, Regalado Sr. allegedly misled investors into believing that an investment in INDXcoin would grow tenfold within three to four months. In reality, investors haven’t realized any gains and haven’t been able to liquidate their investments.

According to the amended complaint, 11 other individuals and entities allegedly violated the Colorado Securities Act by selling INDXcoin and taking significant commissions without a license. The defendants are Daniel Applegate (brother-in-law of Eli Regalado, Jr.), Jesse Buccholz (former brother-in-law of Eli Regalado, Jr.), Nathanael Enos, Eternal Realities, Erin Giles, Jesse Duplantis, Erik Skeldon, Tri Vision Global, Blacktribe, Johnny Daughtry and Sheri Erbaugh.

Between January 1, 2022, and July 31, 2023, INDXcoin paid out at least $412,975 in commissions, from which the new defendants profited. Significant benefits allegedly accrued to the Regalado family including $25,000 to Eli Regalado Sr., $27,000 to Buccholz and $15,500 to Daniel Applegate.

On January 16, 2024, Commissioner Chan filed an initial complaint and temporary injunction and asset freeze against Eli and Kaitlyn Regalado. In response, Eli Regalado posted a video on the Kingdom Wealth Exchange Community Forum admitting to the use of funds to renovate his home and to other civil fraud charges. The video is no longer on the forum but is available here:

On January 29, 2024, a hearing was held on the Commissioner’s motion for a preliminary injunction and asset freeze in Denver District Court in front of Judge Goldberg, who called the case an example of “egregious greed” and granted the continuation of the injunction and asset freeze. Press reports and social media indicate Regalado missed the hearing because he was at a religious conference in Zambia promoting cryptocurrencies.

“We allege that Mr. Regalado peddled an essentially worthless cryptocurrency to enrich himself at the expense of his own Christian communities, and his father and many others were involved,” said Commissioner Chan. “Cryptocurrency transactions are fast and borderless, which can make crypto scams insidious and far-reaching.”  

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. Visit our website at for more information.

Defendant List: Eligio Regalado; Kaitlyn Regalado aka Kaitlyn Dorsey, INDXcoin, LLC; Kingdom Wealth Exchange, LLC; Grace Led Marketers, LLC; Daniel Applegate; Jesse Buccholz; Nathanael Enos; Eternal Realities; Erin Giles; Jesse Duplantis; Eligio P. Regalado, Sr.; Erik Skeldon; Tri Vision Global; Blacktribe; Johnny Daughtry; Sheri Erbaugh.

Access the initial complaint here.

Access the initial press release here.

Access the amended 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.