• Latest
FBI Arrests AriseBank CEO Over $4 Million Crypto Fraud

FBI Arrests AriseBank CEO Over $4 Million Crypto Fraud

November 29, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

FBI Arrests AriseBank CEO Over $4 Million Crypto Fraud

coinnewsdaily by coinnewsdaily
November 29, 2018
in Business
0
FBI Arrests AriseBank CEO Over $4 Million Crypto Fraud
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

The FBI has arrested the CEO of cryptocurrency platform AriseBank after he was indicted over an alleged multi-million dollar scam.

The new was announced Wednesday by the U.S. Attorney’s Office of the Northern District of Texas, which states that 30-year-old Jared Rice Sr. tricked hundreds of investors out of over $4 million and has now been charged with three counts of securities fraud and three counts of wire fraud.

Rice allegedly lied to prospective investors, claiming that the firm, which he called the “first decentralized banking platform,” would offer FDIC-insured bank accounts and Visa-linked debit and credit cards, in addition to crypto services based on its own AriseCoin token.

However, in reality, AriseBank wasn’t authorized to conduct banking services in Texas, was not FDIC insured, and had no partnership with Visa, the Justice Department states.

Rice is also accused of lying about raising “$600 million within just a few weeks” through an initial coin offering (ICO). Moreover, he spent investors’ money for his own personal use on hotels, food and clothing and more.

After the firm’s formation, he began promoting AriseBank and AriseCoin around June 2017 through press releases, public video interviews, social media outlets and his own websites, according to a court document unsealed Wednesday.

If convicted, Rice faces up to 120 years in federal prison, the Attorney’s Office said.

Erin Nealy Cox, the U.S. Attorney for the Northern District of Texas, said:

“My office is committed to enforcing the rule of law in the cryptocurrency space. The Northern District of Texas will not tolerate this sort of flagrant deception – online or off.”

In January, Rice was also sued by the U.S. Securities and Exchange Commission (SEC), together with his co-founder Stanley Ford, for alleged fraud and issuing unregistered securities during an ICO. The Texas Department of Banking issued AriseBank a cease-and-desist order in the same month.

An SEC complaint from February further states that Rice is on probation as a part of a plea deal stemming from a Collin County, Texas, indictment in 2015 for theft and tampering with government records. He is also under felony indictment in Dallas County, Texas, for assault, after which he allegedly destroyed evidence by stealing the victim’s phone and deleting an audio recording of the incident.

FBI agent image via Shutterstock



Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

WATCH: SEC Chairman Jay Clayton’s Full Consensus: Invest Interview

Next Post

Mike Novogratz’s Galaxy Digital Reports $76 Million Q3 Loss

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Mike Novogratz’s Galaxy Digital Reports $76 Million Q3 Loss

Mike Novogratz’s Galaxy Digital Reports $76 Million Q3 Loss

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$28,745.002.28%
  • ethereumEthereum(ETH)$1,813.720.29%
  • tetherTether(USDT)$1.00-0.49%
  • binancecoinBNB(BNB)$330.30-1.99%
  • rippleXRP(XRP)$0.4496484.86%
  • cardanoCardano(ADA)$0.3799808.54%
  • dogecoinDogecoin(DOGE)$0.0759402.15%
  • matic-networkPolygon(MATIC)$1.160.85%
  • solanaSolana(SOL)$22.85-0.41%
  • polkadotPolkadot(DOT)$6.361.79%
  • shiba-inuShiba Inu(SHIB)$0.0000111.35%
  • tronTRON(TRX)$0.0678781.38%
  • litecoinLitecoin(LTC)$81.40-0.81%
  • daiDai(DAI)$1.00-0.21%
  • chainlinkChainlink(LINK)$7.644.43%
  • cosmosCosmos Hub(ATOM)$11.930.40%
  • leo-tokenLEO Token(LEO)$3.38-2.53%
  • ethereum-classicEthereum Classic(ETC)$20.75-0.08%
  • moneroMonero(XMR)$153.16-1.51%
  • okbOKB(OKB)$44.95-1.45%
  • bitcoin-cashBitcoin Cash(BCH)$134.291.23%
  • stellarStellar(XLM)$0.0938692.00%
  • filecoinFilecoin(FIL)$5.89-1.27%
  • crypto-com-chainCronos(CRO)$0.071281-0.07%
  • vechainVeChain(VET)$0.023534-0.32%
  • algorandAlgorand(ALGO)$0.2295666.03%
  • internet-computerInternet Computer(ICP)$5.250.46%
  • eosEOS(EOS)$1.17-1.43%
  • aaveAave(AAVE)$78.730.57%
  • elrond-erd-2MultiversX(EGLD)$43.28-2.20%
  • tezosTezos(XTZ)$1.17-1.14%
  • theta-tokenTheta Network(THETA)$1.04-0.33%
  • havvenSynthetix Network(SNX)$2.84-2.62%
  • neoNEO(NEO)$12.21-1.84%
  • paxos-standardPax Dollar(USDP)$1.00-0.07%
  • bitcoin-cash-svBitcoin SV(BSV)$37.893.45%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.83-0.82%
  • dashDash(DASH)$57.37-1.56%
  • huobi-tokenHuobi(HT)$3.96-2.81%
  • makerMaker(MKR)$684.380.51%
  • iotaIOTA(MIOTA)$0.2175150.21%
  • zilliqaZilliqa(ZIL)$0.0285900.76%
  • zcashZcash(ZEC)$36.221.93%
  • basic-attention-tokenBasic Attention(BAT)$0.2494060.68%
  • nemNEM(XEM)$0.0405032.64%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.21-0.86%
  • kusamaKusama(KSM)$34.33-1.65%
  • compound-governance-tokenCompound(COMP)$44.68-0.79%
  • bitcoin-goldBitcoin Gold(BTG)$17.011.78%
  • yearn-financeyearn.finance(YFI)$8,950.043.06%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.80-4.56%
  • golemGolem(GLM)$0.244279-0.56%
  • wavesWaves(WAVES)$2.290.27%
  • sushiSushi(SUSHI)$1.17-3.28%
  • ontologyOntology(ONT)$0.2337710.05%
  • digibyteDigiByte(DGB)$0.009858-0.72%
  • umaUMA(UMA)$2.08-1.91%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%