SEC raises alert vs Lodi coins

Lodi coins is not registered as a virtual asset provider with the Bangko Sentral ng Pilipinas

Aldwin Quitasol·3 October 2022, 2:45 am·1 min read

Text size

BAGUIO CITY — The Securities and Exchange Commission has alerted the public, especially those who would want to grow their money, not to invest in the supposedly virtual currency Lodi Coins, which has not secured the necessary licenses to solicit investments from the public.

In a statement, the SEC flagged the public offering of Lodi Coins by Lodi Technologies Inc. without securing the required order of registration of securities and certificate of permit to offer and sell securities.

"Lodi coins is not registered as a virtual asset provider with the Bangko Sentral ng Pilipinas. Lodi Technologies also did not have the corresponding certificate of authority from the BSP as a money service business, as required under the BSP guidelines for virtual asset providers," the SEC stated.

Not an MSB

The SEC also stressed that the company is not registered as a MSB with the Anti-Money Laundering Council. According to the SEC, Lodi Technologies offered Lodi Coins to the public through Facebook, Twitter, Instagram and Discord. The investment packages ranged from P12,500 to P500,000 with the potential to earn at least ten times or 1,000 percent of the total invested after Lodi Coin's initial offering.

A Baguio resident who claimed to have invested in the said scheme said the only reply he got when he asked Lodi Technologies about the SEC advisory was a simple two-paragraph statement without any significant explanation.

In a post by Lodi Technologies Inc., investors were told that the company is currently in coordination with SEC on how it can move forward.

"We will comply with current regulations. We value your welfare and always conduct our operations with integrity," the company stated.

The company also promised that it will keep the community posted with regular social media updates on where it is regarding its projects.