AriseBank CEO Pleads Guilty to $4.2 Million ICO scam

AriseBank is a cryptocurrfency bank that found itself amidst  $4.2 million ICO scam. The former CEO of the institution pleaded guilty to to deceiving ivnestors of around $4.2. million. The information comes from the US news agency Dallas News.

According to Erin Nearly Fox, the attorney for the Northern District of Texas, Mr. Rice entered a guilty plea for one count of securities fraud.

The FBI arrested Rice last November, after the U.S. Attorney’s Office in the Northern District of Texas charged him with three counts of securities fraud and three counts of wire fraud.

Rice has already settled a civil charge with the SEC, paying $2.7 million in disgorgement and another roughly $190,000 in penalties. His former chief operating officer, Stanley Ford, settled similar charges with an identical monetary fine.

Neither admitted or denied the SEC’s charges, though both have agreed to lifetime bans from serving as officers or directors of public companies, as well as a lifetime ban from participating in digital securities offerings.

 

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