An ICO fraud case has concluded with a guilty plea. Jared Rice Sr., the former CEO of decentralized bank startup AriseBank and creator of the AriseCoin, has pleaded guilty to cheating investors out of $4.2 million in a crypto scam reportedly guaranteeing double-digit returns. The announcement was made by U.S. Attorney for the Northern District of Texas Erin Nealy Cox after Rice was arrested by the FBI at year-end 2018. Rice has also since reached a settlement with the U.S. SEC in a civil action for which he and another former executive of the startup are on the hook for
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