Former AriseBank Execs Settle Charges in SEC ICO Fraud Lawsuit

The U.S. Securities and Exchange Commission (SEC) has settled charges with two former executives of AriseBank, which was hit with a token sale fraud lawsuit in early 2018.

Former AriseBank CEO Jared Rice Sr. and former COO Stanley Ford will pay a combined $2.7 million in disgorgement and penalties, as well as $187,767 each in penalties. While neither admitted or denied the charges, both have also agreed to lifetime bans from serving as officers or directors of public companies and from participating in digital securities offerings.

Specifically, the two will pay $2.26 million in disgorgement and $68,423 in prejudgement interest.

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