{"id":44828,"date":"2021-06-23T12:37:06","date_gmt":"2021-06-23T09:37:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=44828"},"modified":"2025-08-31T18:51:27","modified_gmt":"2025-08-31T15:51:27","slug":"sec-accuses-crypto-startup-loci-of-selling-unregistered-securities","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-accuses-crypto-startup-loci-of-selling-unregistered-securities\/","title":{"rendered":"SEC accuses crypto startup Loci of selling unregistered securities"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2021-108?utm_medium=email&#038;utm_source=govdelivery\">has brought charges<\/a> against the crypto startup Loci and its founder John Vaize for selling unregistered securities.<\/p>\n<p>According to the SEC, from August 2017 to January 2018 Loci raised $7.6 million through the sale of the unregistered token LOCIcoin. Vaize used more than $38,000 for personal purposes. The regulator regarded this as a violation of the Securities Exchange Act of 1934 and the Securities Act of 1933.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Loci and its CEO misled investors about critical aspects of the startup&#8217;s business. Token buyers are entitled to full disclosure of information in order to make informed investment decisions,&#8221;<\/em> the statement said.<\/p>\n<\/blockquote>\n<p>The SEC ordered the startup and its founder to unwind LOCIcoin and pay a $7.6 million penalty. The settlement also requires them to refrain from participating in future token offerings.<\/p>\n<p>Earlier, analytics firm Elliptic <a href=\"https:\/\/u1f987.com\/en\/news\/elliptic-estimates-u-s-penalties-against-crypto-industry-total-2-5-billion\">estimated at $1.38 billion<\/a> the amount of SEC penalties related to unregistered securities sales. The figure covers all such episodes from 2014 to May 2021.<\/p>\n<p>Follow ForkLog News on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has brought charges against the crypto startup Loci and its founder John Vaize in selling unregistered securities.<\/p>\n","protected":false},"author":1,"featured_media":44829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,128,26],"class_list":["post-44828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=44828"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44828\/revisions"}],"predecessor-version":[{"id":44830,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44828\/revisions\/44830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/44829"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=44828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=44828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=44828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}