The CEO of AriseBank, Jared Rice, Sr. has been sentenced to five years in federal prison in a $4 million crypto scheme. The United States Department of Justice (DOJ) announced this in a press release on the 25th of August. Rice is also the inventor of the cryptocurrency AriseCoin. AriseBank is the world’s “first decentralized banking platform” based on the proprietary digital currency AriseCoin.
Rice, 33, had previously settled a civil action involving AriseCoin. The Fort Worth office of the Securities and Exchange Commission (SEC) filed it in 2018. He pleaded guilty to one count of securities fraud in March 2019. U.S District Judge Ed Kinkeade sentenced him on Wednesday. The judge ordered him to pay $4,258,073 in restitution.
Rice’s Crypto Scheme
In Jared Rice’s plea papers, he admitted that he…