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    ESP Blockchain Journal
    Home»Noticias»The head of the cryptocurrency project AriseBank admitted to fraud. He faces 120 years in prison

    The head of the cryptocurrency project AriseBank admitted to fraud. He faces 120 years in prison

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    By BlockchainJournal on marzo 22, 2019 Noticias
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    AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, writes Dallas News .

    According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

    The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips to Uber.

    It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

    Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

    The final verdict on the case will be delivered on July 11.

    Recall, Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.

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