Arisebank CEO convicted for crypto fraud, jailed for 5 years

TL;DR Breakdown AriseBank CEO convicted for crypto fraud jailed five years.CEO’s decentralized bank was an illusion and Arisecoin.CEO has been involved in crypto fraud in the past. Jared Rice, Sr. Arisebank CEO (the first completely decentralized banking product that features one of the largest cryptocurrency platforms built), has been convicted for crypto fraud. The Arisebank CEO duped investors to the tune of $4.2 million before being sentenced by the US Department of Justice. He was ordered to refund $4,250,000, which he embezzled from investors through his cryptocurrency-related schemes. Jared would also spend his next five years behind bars. Arisebank CEO conviction, justice for duped investors The jail term and refund order on Jared mean scammed investors got justice against the CEO. Per a release by the US Department of Justice, the Arisebank CEO confessed his AriseCoin was fraudulent. He lured investors into the scheme and stole over $4 million worth of digital assets. He deceived investors that AriseBank was the world’s “first decentralized banking platform.” Jared also touted AriseCoin as an asset that could offer clients Federal Deposit Insurance Corporation (FDIC)-insured accounts and traditional banking services. In reality, the AriseCoin was not licensed to operate in Texas and had no affiliations with FDIC or any traditional banking platform. However, victims fell for his narrative investing over $4 million thr...