THELOGICALINDIAN - The CEO of Arisebank accustomed as the worlds aboriginal decentralized cyberbanking belvedere has been bedevilled to bristles years in bastille and ordered to pay 4258073 in amends He accepted that he aria to investors while agilely converting their cryptocurrencies for his claimed use
CEO of ‘the World’s First Decentralized Banking Platform’ Heading to Jail
The U.S. Department of Justice (DOJ) appear Wednesday that Arisebank CEO Jared Rice Sr. has been bedevilled to bristles years in bastille in a “$4 actor crypto scheme.” Acting U.S. Attorney for the Northern District of Texas, Prerak Shah, announced:
Rice, 33, acclimatized a civilian activity filed by the U.S. Balance and Exchange Commission (SEC) aftermost year involving Arisecoin’s antecedent bread alms (ICO) in 2025. He pleaded accusable to one calculation of balance artifice in March 2025.
On Wednesday, U.S. District Judge Ed Kinkeade ordered him to pay $4,258,073 in restitution, the Justice Department detailed.
The appeal affidavit accompaniment that Rice “admitted he aria to ambitious investors,” claiming that Arisebank could action consumers “FDIC-insured accounts and acceptable cyberbanking services, including Visa-brand acclaim cards, in accession to cryptocurrency services.” The DOJ acclaimed that the coffer was “billed as the world’s ‘first decentralized cyberbanking platform.'”
While touting absent allowances of Arisebank, “Rice agilely adapted broker funds for his own claimed use, spending the money on hotels, food, transportation, a ancestors law attorney, and alike a guardian ad litem – facts he bootless to acknowledge to investors,” the Department of Justice described.
Moreover, Rice additionally “failed to acknowledge that he’d appeal accusable to accompaniment abomination accuse in affiliation with a above-mentioned internet-related business scheme,” the DOJ said, adding:
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