They flat out lied to people.
https://www.americanbanker.com/news/arisebank-raises-questions-about-ico-fraud-decentralized-banking
Pretty messed up:
The agency said AriseBanks initial offering of AriseCoin is illegal because theres no registration filed with the SEC. It also said the offering materials use many materially false statements and omissions to induce investment in the ICO, such as AriseBanks earlier claim that it had bought a commercial bank and could offer FDIC-insured accounts.
The SEC further said in its complaint that AriseBank omitted to disclose the criminal background of key executives most notably, Rice, who is currently on probation for felony theft and tampering with government records."
https://www.americanbanker.com/news/arisebank-raises-questions-about-ico-fraud-decentralized-banking
Pretty messed up:
The agency said AriseBanks initial offering of AriseCoin is illegal because theres no registration filed with the SEC. It also said the offering materials use many materially false statements and omissions to induce investment in the ICO, such as AriseBanks earlier claim that it had bought a commercial bank and could offer FDIC-insured accounts.
The SEC further said in its complaint that AriseBank omitted to disclose the criminal background of key executives most notably, Rice, who is currently on probation for felony theft and tampering with government records."
Like Sonny Vleisides of BFL, maybe Rice is on a good track now, the past behind him.
