Defendants AriseBank,co-founder/CEOJared Rice Sr., and co-founder/COO Stanley Ford
AriseBank and its co-founders, Jared Rice Sr. and Stanley Ford, conducted a fraudulent and unregistered securities offering, raising at least $600,000 from investors through the sale of AriseCoin, and face SEC charges and civil penalties.
AriseBank and its co-founders, Jared Rice Sr. and Stanley Ford, allegedly conducted a fraudulent and unregistered securities offering, raising at least $600,000 from investors through the sale of AriseCoin. The defendants falsely portrayed AriseBank as the world's first decentralized bank, supporting over 700 cryptocurrencies. The SEC seeks to halt the ongoing fraud, freeze assets, and impose civil penalties for violations of federal securities laws.
The U.S. Securities and Exchange Commission (SEC) filed a complaint against AriseBank and its co-founders, Jared Rice Sr. and Stanley Ford, alleging a fraudulent and unregistered securities offering. The defendants falsely portrayed AriseBank as the world's first decentralized bank, supporting over 700 cryptocurrencies and claiming to revolutionize banking, when in reality it was a sham operation. Beginning in November 2017, they raised funds through the sale of AriseCoin, a digital asset marketed as a security without registration or disclosure. The SEC alleged that AriseBank raised at least $600,000 from investors, although the exact amount is not specified in the provided text. The charges include conducting an unregistered securities offering and making false claims to investors. The SEC seeks to halt the ongoing fraud, freeze assets, and impose civil penalties for violations of federal securities laws. The complaint was filed under seal in the Northern District of Texas.
Extracted insights
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- The SEC files this action to halt an ongoing,fraudulent,and unregistered offering ofsecurities and to protect investors who are being actively defrauded
- Defendants Jared Rice Sr. and Stanley Ford are earning out the fraud
- AriseBank purports to be the world's first decentralized bank
- AriseBank allegedly offering a variety of consumer-facing banking products and sendees and supporting more than 700 different virtual currencies
- AriseBank says it is focused on bringing cryptocurrency to the average consumer and using it to revolutionize banking
- AriseBank began raising money at least as early as November 2017, through a securities offering of AriseCoin—its own digital currency
- Securities and Exchange Commission files this action to halt an ongoing, fraudulent, and unregistered offering of securities and to protect investors who are being actively defrauded
- Jared Rice Sr. and Stanley Ford are carrying out a fraud through AriseBank
- AriseBank purports to be the world's first 'decentralized' bank offering consumer-facing banking products and supporting over 700 virtual currencies
- AriseBank began raising money at least as early as November 2017 through a securities offering of AriseCoin
- SEC files Complaint
- SEC files this action halt an ongoing fraudulent and unregistered offering of securities
- Jared Rice Sr. co-founded AriseBank
- Stanley Ford co-founded AriseBank
- AriseBank purports to be world's first decentralized bank
- AriseBank began raising money through a securities offering of AriseCoin
- AriseBank is offering consumer-facing banking products and services
- AriseCoin is being offered in an unregistered securities offering
- Jared Rice Sr. carried out the fraud through AriseBank
- Stanley Ford carried out the fraud through AriseBank
~ .ED INTHEUNITEDSTATESDISTRICTCOURT FORTHENORTHERNDISTRICTOFTEXAS:2 DALLASDIVISION SECURITIESANDEXCHANGECOMMISSION,§ § Plaintiff,§ § vs.§ § ARISEBANK,§ CivilActionNo.: JAREDRICESR., and§ STANLEYFORD,§ FILEDUNDERSEAL Sft- Defendants. I8C|r-186»M COMPLAINT PlaintiffSecuritiesandExchangeCommission(the "SEC") files this Complaintagainst Defendants AriseBank,co-founder/CEOJared Rice Sr., and co-founder/COO Stanley Ford (collectively"Defendants")andallegesthe following: SUMMARY 1.The SEC files this action to halt an ongoing,fraudulent,and unregistered offering ofsecurities and to protect investors who are being actively defrauded. 2.The fraud is beingearnedout by Defendants Jared Rice Sr. and Stanley Ford throughDefendantAriseBank.AriseBankpurportsto be theworld'sfirst"decentralized"bank, allegedly offering a varietyofconsumer-facing banking products andsendeesand supporting more than 700 different virtual currencies. Claiming to be "one ofthe largest cryptocurrency platforms ever built," AriseBank says it is "focused on bringingcryptocurrencyto the average consumerandusingit torevolutionize banking." 3.AriseBank began raising money at least as early asNovember2017,through a securities offeringofAriseCoin—itsown digital currency. AriseCoin is being offered in an
~ .ED IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS : 2 DALLAS DIVISION SECURITIES AND EXCHANGE COMMISSION, § § Plaintiff, § § vs. § § ARISEBANK, § Civil Action No.: JARED RICE SR., and § STANLEY FORD, § FILED UNDER SEAL Sft- Defendants. I8C|r-18 6»M COMPLAINT Plaintiff Securities and Exchange Commission (the "SEC") files this Complaint against Defendants AriseBank, co-founder/CEO Jared Rice Sr., and co-founder/COO Stanley Ford (collectively "Defendants") and alleges the following: SUMMARY 1. The SEC files this action to halt an ongoing, fraudulent, and unregistered offering of securities and to protect investors who are being actively defrauded. 2. The fraud is being earned out by Defendants Jared Rice Sr. and Stanley Ford through Defendant AriseBank. AriseBank purports to be the world's first "decentralized" bank, allegedly offering a variety of consumer-facing banking products and sendees and supporting more than 700 different virtual currencies. Claiming to be "one of the largest cryptocurrency platforms ever built," AriseBank says it is "focused on bringing cryptocurrency to the average consumer and using it to revolutionize banking." 3. AriseBank began raising money at least as early as November 2017, through a securities offering of AriseCoin—its own digital currency. AriseCoin is being offered in an