FBI Arrests AriseBank CEO, Indicted for Fraud of Over $4 Million

The CEO of cryptocurrency firm AriseBank was arrested by the FBI Nov. 28 on charges of defrauding hundreds of investors out of over $4 million. The news was reported in a release from the U.S. Attorney’s Office for the Northern District of Texas, published on the U.S. Department of Justice (DOJ)’s website Nov. 28.

The arrested CEO, 30-year old Jared Rice, Sr., was previously the subject of a civil action filed by the U.S. Securities and Exchange Commission (SEC)’s Fort Worth regional office in February, and was indicted on three counts of securities fraud and three counts of wire fraud for the same cryptocurrency scheme.

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