Overview

• Judge Heidi Kutcher ruled that INDXcoin qualified as a security and that Eli and Kaitlyn Regalado misled purchasers about its value and safety.
• The civil judgment orders roughly $3.39 million in restitution and imposes a two-decade prohibition on selling crypto or other investments.
• Associate Nathanael Enos received a 20-year ban and was ordered to repay $19,600.
• Court findings say at least $1.3 million of investor funds were diverted to personal spending on luxury goods, travel, vehicles, and home renovations.
• State attorneys said the couple raised money from nearly 600 investors across INDXcoin and Sumcoin, and the token’s exchange collapsed in 2023 after liquidity was drained.