Business ProfileforINDXcoin, LLC
Current Alerts For This Business
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On January 16, 2024, in the District Court of Denver County, Colorado, Tung Chan, Securities Commissioner for the State of Colorado filed a Complaint for Injunctive and other Relief against Eligio (Eli) and Kaitlyn Regalado a/k/a Kaitlyn Dorsey of Denver, INDXcoin, LLC, Kingdom Wealth Exchange LLC; Grace Led Marketers, LLC and Relief Defendants Victorious Grace Church, Kingdom Wealth Ventures, and EKR Holdings LLC for alleged violations of the anti-fraud, licensing and registration provisions of the Colorado Securities Act.
On January 29, 2024, the Denver District Court granted a preliminary injunction and asset freeze against Eligio (Eli) and Kaitlyn Regalado of Denver, INDXcoin LLC, Kingdom Wealth Exchange LLC and others, barring the defendants from selling securities pending trial. The Court also froze the couple’s assets and issued an order of non-destruction of records.
The complaint alleges, 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.
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 dora_securitieswebsite@state.co.us or 303-894-2320.
At-a-glance
Related Categories
Business Details
- Location of This Business
- Denver, CO 80222-6043
- BBB File Opened:
- 1/31/2024
- Years in Business:
- 2
- Business Started:
- 7/7/2022
- Business Incorporated:
- 7/7/2022
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Business Name
- Kingdom Wealth Exchange LLC
- Grace Led Marketers, LLC
- Business Management
- Eligio Regalado, Managing Member
- Kaitlyn Regalado, Member
- Contact Information
Principal
- Eligio Regalado, Managing Member
- Kaitlyn Regalado, Member
Customer Contact
- Eligio Regalado, Managing Member
Customer Complaints
0 Customer Complaints
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