Advertiser Disclosure

InvestorGreg.net is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. That's how we make money. This compensation may impact how, where and in what order products appear. InvestorGreg.net does not include all companies or all available products. We will never allow advertisers to influence our opinion of financial products that appear on this site.

The Court Fined a Cryptocurrency Bank on Amount of $2.3 Million for the First Time

AriseBank, the first Cryptocurrency Bank in the World, and its founders will pay more than $2.3 million to settle charges of fraud.

The penalty will be paid by a decision of a court. The US Securities and Exchange Commission (SEC) brought accusation to the bank and its owners of fraud in initial token offering and in creating a cryptocurrency bank.

The court also decided to freeze the assets of AriseBank.

The founders of AriseBank Jared Rice and Stanley Ford agreed to pay civilian fines in amount of $184,767 for each, according to the statement of the Commission.

To settle the SEC’s charges, Rice and Ford agreed to bear joint and several liability in the amount of $2.3 million plus $68.423 thousand in the form of percents. They also agreed to a lifetime ban on performing the functions of officials and directors of public companies and a ban on participating in digital securities offering.

About the author

InvestorGreg Editorial Team

InvestorGreg Editorial Team

The InvestorGreg Editorial Team is a group of financial writers and analysts who cover the worlds of finance and investment. Read more