According to news outlet, Coin Desk, AriseBank – which was forced to terminate by the US Securities Exchange and Commission (SEC) back in January 2018 – saw two of its former executives, namely, CEO, Jared Rice Sr and COO, Stanley Ford settle their payments in regard to a lawsuit that involved the duo’s fraudulent activities and the failure to register the firm.

As per the reporting, both members were given hefty charges, which include $2.7 million combined along with approximately $187,150 respectively. In addition to these bills, the two have sworn that they will not serve said higher positions for public entities moving forward.

The deceitful ICO was beneficial for the duo, given that they managed to raise nearly $600,000 from 22 investors, as reported by Coin Telegraph, of which most of them were used to cover Rice’s personal expenses.

The firm was supposedly based in Texas; however, the Texas Department of Banking ordered its shutdown because it was never approved for providing financial services in the state. Fortunately, Rice was arrested sometime in November 2018 and has charges of his own due to the fact that he lied about the firm’s associations with Visa and Federal Deposit Insurance Corporation (FDIC) accounts.

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