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Texas: SEC of AriseBank for Digital Currency acknowledges investor fraud of 4.2 million dollars

2019-03-21 04:54 pm | Resource: News Section | No Views : 92

Texas: SEC of AriseBank for Digital Currency acknowledges investor fraud of 4.2 million dollars The former chief executive of the AriseBank digital currency fraud scandal has pleaded guilty to victim fraud by more than $ 4.2 million, the Texas-based daily Dallas News reported on Thursday.
Jared Rice, who was arrested by the FBI for securities and fraud in November last year, acknowledged his activities. According to a report in which US District Attorney for the Northern District of Texas, Erin Nelly Cox, confirmed Rice had falsely claimed that AriseBank could " Customers are offered FDIC Insurance Accounts and Traditional Banking Services, including Visa Credit and Debit Cards, as well as Digital Currency Services.
The statement, which was published by Dallas News, showed that Rice had specifically entered into a fraudulent securities charge, accusing him of lying to AriseBank investors while operating.
Rice initially faced 120 years in prison for common charges, but sources now say the maximum is 20 years.
In total, AriseBank raised $ 4,250,000 from the participants, which Rice may now have to pay off in full.
The newspaper pointed out that:
"Given the recent emergence of digital currency crimes, Rice's guilty plea is one of the first in the United States."
In December last year, a US federal court ordered Rice and another AriseBank official to pay about $ 2.7 million in fines to settle the charges for the (ICO) offers.
At that time, the Texas Commissioner of Banking, Charles J. Cooper, ordered the suspension and suspension on AriseBank, arguing that he did not have the required permission to provide banking services to residents.

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