The FBI has arrested the CEO of cryptocurrency platform AriseBank after he was indicted over an alleged multi-million dollar scam.

The new was announced Wednesday by the U.S. Attorney’s Office of the Northern District of Texas, which states that 30-year-old Jared Rice Sr. tricked hundreds of investors out of over $4 million and has now been charged with three counts of securities fraud and three counts of wire fraud.

Rice allegedly lied to prospective investors, claiming that the firm, which he called the “first decentralized banking platform,” would offer FDIC-insured bank accounts and Visa-linked debit and credit cards, in addition to crypto services based on its own AriseCoin token.

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