At the end of his Jan. 20 video, the Colorado pastor still expressed optimism. “God is going to work a miracle in the financial sector,” he told listeners.
Because the charges are civil, Regalado faces fines but no prison time. Commissioner Chan, who is seeking damages for investors, reminded consumers to be skeptical about get-rich-quick schemes. “New coins and new exchanges are easy to create with open-source code,” she said of cryptocurrency.
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Before creating INDXcoin, the Regalados ran Grace Led Marketing. They marketed their cryptocurrency as exceptionally stable, saying it was audited by a cybersecurity company. Unfortunately, state regulators say, the couple omitted the fact that those auditors rated INDXcoin a 0 out of 10. Both the cryptocurrency and exchange were “catastrophically technologically deficient,” Chan alleges.
ChurchLeaders reached out to Regalado and will update this article in the event of a reply.
