On June 22, 2021, the Securities and Exchange Commission (“SEC”) charged[1] Loci Inc. (“Loci”) and its CEO John Wise for raising over $7.6 million from an unregistered Initial Coin Offering (ICO) of LOCIcoin. Among the capital raised from the ICO, Loci illicitly misappropriated approximately $38,000 for his personal use. The defendants also violated the antifraud…
