AriseBank founders slapped with $2.7 million ICO fraud charge by SEC

The founders of the decentralized digital asset bank, AriseBank have been ordered to pay nearly $2.7 million in fines following an investigation into an ICO fraud and an ultimate ruling by the U.S. Securities and Exchange Commission (SEC) dated December 12.

Jared Rice, the CEO of AriseBank was arrested by the domestic intelligence unit, the Federal Bureau of Investigation (FBI) at the end of November, citing charges of investor fraud, amounting to $4 million. As per the FBI, Rice allegedly told investors that AriseBank could provide, “FDIC-insured accounts and traditional banking services, including Visa-brand credit and debit cards, in addition to cryptocurrency services.”