Cryptocurrency Scam: AriseBank CEO Faces up to 120 Years in Prison
Jared Rice Sr., the CEO of AriseBank, faces up to 120 years in prison for running a cryptocurrency scam that defrauded investors of millions.
One aspect of the cryptocurrency ecosystem that is exciting is its decentralized, Wild West nature. There’s a lot of potential upside, but this also means that there’s also a lot of potential pitfalls as well. The crypto space is filled with many unscrupulous characters looking to scam people out of their hard-earned money. Law enforcement in Texas caught up with one such scalawag, the CEO of AriseBank, Jared Rice Sr.
AriseBank a Total Scam
Rice was arrested by the FBI for his ambitious fraudulent scheme concerning AriseBank and its supposed virtual currency, AriseCoin. Rice touted AriseBank as the “first decentralized banking platform” that would offer full banking services.
As such, the “bank” would feature traditional banking accounts, full FDIC protection, cryptocurrency services, and credit and debit cards through Visa. The…
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