Former AriseBank Executives Settle SEC Charges, Agree to Pay $2.7M
Cryptovest
Published Dec 13, 2018 11:01AM ET
Updated Dec 13, 2018 12:21PM ET
Former AriseBank Executives Settle SEC Charges, Agree to Pay $2.7M
The US Securities and Exchanges Commission (SEC) announced on Wednesday that two former executives of AriseBank, which is suspected of conducting a fraudulent initial coin offering (ICO), have been required in federal court to pay about $2.7 million in fines. Also, they are banned from operating as directors or officers in public companies and are not allowed to take part in any offerings of digital securities.
Jared Rice Sr., who was CEO at AriseBank, and Stanley Ford, the former chief operating officer (COO), were charged with offering and selling the “AriseCoin” digital currency, which is an unregistered investment instrument. AriseBank acted as a decentralized bank providing various services to investors. Earlier this year, we
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