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Software Developer to Pay SEC $7.6 Million Over Coin Offering

June 23, 2021, 7:57 PM

Software platform developer Loci Inc. agreed to pay a $7.6 million civil fine to resolve an SEC inquiry into its “unregistered and fraudulent” initial coin offering, according to an administrative settlement order.

Loci allegedly raised $7.6 million selling its “LOCIcoin” digital tokens through the ICO. Loci and CEO John Wise agreed to destroy all the LOCIcoins in their possession and ask platforms to remove them from further trading, the Securities and Exchange Commission settlement said.

The company—which purportedly provided an intellectual property search service called InnVenn—and Wise made “numerous” misleading statements, touted the tokens’ value, emphasized their plans to make ...