SEC Charges ICO Issuer and CEO With Fraud and Unregistered Securities Offering
The SECs order finds that from August 2017 through January 2018,Loci and Wise raised $7.6 million from investors by offering and selling digital tokens called LOCIcoin.
- The SECs order finds that from August 2017 through January 2018,Loci and Wise raised $7.6 million from investors by offering and selling digital tokens called LOCIcoin.
- The order also finds that although LOCIcoins constituted securities, Locis offering was not registered with the SEC and no exemption from registration applied.
- Loci and its CEO misled investors regarding critical aspects of Locis business, said Kristina Littman, Chief of the SEC Enforcement Divisions Cyber Unit.
- Investors in digital asset securities are entitled to truthful information and fulsome disclosures so they can make informed investment decisions.