SEC accused cryptocurrency startup Loci of unregistered sale of securities – Bits Media

United States Securities and Exchange Commission (SEC) accused Loci CEO John Wise (John Wise) in the unregistered sale of digital assets and defrauding investors.

According to the press release, in the period from August 2017 years to January 2018 year company Loci and personally John Weise received $7.6 Milln during the illegal sale of Locicoin tokens. At the same time, Wise used more $38 000 From the received funds for personal purposes. The General Director of Loci is accused of violating several points of the law on the exchange of securities 1934 year and law on securities 1933 of the year.

“Representatives of Loci and the general director of the company have misleading investors regarding the most important aspects of the business. Investors, investing in digital assets, have the right to truthful and complete information about the company, so that they can make balanced and reasonable investment decisions ", - emphasizes the head of the SEC department for cybercrime Christina Littman (Kristina Littman).

Note, that the Loci and Vise leadership destroyed all Locicoin tokens and agreed in the future not to participate in such sales of digital assets. SEC ordered the company's management to pay investors invested $7.6 million.

At the end of May, SEC sued several US citizens, accusing them of intentionally promoting the cryptocurrency pyramid BitConnect.