{"id":4049,"date":"2018-02-02T01:49:47","date_gmt":"2018-02-02T01:49:47","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=4049"},"modified":"2018-02-02T12:55:31","modified_gmt":"2018-02-02T12:55:31","slug":"arisebanks-ico-stopped-by-the-securities-and-exchange-commission","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/","title":{"rendered":"AriseBank\u2019s $1 billion ICO Stopped By SEC"},"content":{"rendered":"

\"\"The Securities and Exchange Commission<\/a> announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d<\/strong> The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months.<\/p>\n

The SEC has also filed a case of fraud against the co-founders Jared Rice Sr. and Stanley Ford, after it was found that the duo had issued unregistered securities during AriseBank\u2019s ICO. On January 18, 2018, the AriseBank had announced that it intends to purchase two FDIC insured banks, TPBG and KFMC Bank Holding Company. However, it was found out that neither of them exist.<\/p>\n

The customers of AriseBank were also offered an AriseBank branded VISA card that enables spending any of the 700+ crypto currencies. The bank had falsely claimed that their algorithmic trading application automatically trades in various crypto currencies.<\/p>\n

Further, the criminal background of key executives of the bank was not disclosed. Co-director of the SEC\u2019s Enforcement Division, Stephanie Avakian,<\/strong> said<\/p>\n

\u201cWe allege that AriseBank and its principals sought to raise hundreds of millions from investors by misrepresenting the company as a first-of-its-kind decentralized bank offering its own crypto currency to be used for a broad range of customer products and services. We sought emergency relief to prevent investors from being victimized by what we allege to be an outright scam.\u201d<\/p><\/blockquote>\n

The bank had also announced that it will join hands with boxing legend Evander Holyfield<\/strong><\/a> in raising money for disaster preparedness. Following the issue of a cease-and-desist order, the office and homes of executives have been raided and assets have been seized. The website<\/a> is offline and the ICO was halted.<\/p>\n

Steven Peikin, SEC co-director<\/strong>, said<\/p>\n

\u201cThis is the first time the Commission has sought the appointment of a receiver in connection with an ICO fraud. We will use all of our tools and remedies to protect investors from those who engage in fraudulent conduct in the emerging digital securities marketplace.\u201d<\/p><\/blockquote>\n

Incidents like this paint a bad picture about crypto currency market as a whole.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months. The SEC has also filed […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-4049","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency"],"yoast_head":"\nAriseBank\u2019s $1 billion ICO Stopped By SEC<\/title>\n<meta name=\"description\" content=\"The Securities Exchange Commission announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AriseBank\u2019s $1 billion ICO Stopped By SEC\" \/>\n<meta property=\"og:description\" content=\"The Securities Exchange Commission announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-02T01:49:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-02T12:55:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/12\/securities-and-exchange-commission.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"AriseBank\u2019s $1 billion ICO Stopped By SEC\",\"datePublished\":\"2018-02-02T01:49:47+00:00\",\"dateModified\":\"2018-02-02T12:55:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/\"},\"wordCount\":353,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/securities-and-exchange-commission.jpg\",\"articleSection\":[\"Cryptocurrency\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/\",\"name\":\"AriseBank\u2019s $1 billion ICO Stopped By SEC\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/securities-and-exchange-commission.jpg\",\"datePublished\":\"2018-02-02T01:49:47+00:00\",\"dateModified\":\"2018-02-02T12:55:31+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"description\":\"The Securities Exchange Commission announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/securities-and-exchange-commission.jpg\",\"contentUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2017\\\/12\\\/securities-and-exchange-commission.jpg\",\"width\":380,\"height\":250},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/\",\"name\":\"\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\",\"name\":\"Cameron Bishop\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g\",\"caption\":\"Cameron Bishop\"},\"description\":\"Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/author\\\/cameron-bishop\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"AriseBank\u2019s $1 billion ICO Stopped By SEC","description":"The Securities Exchange Commission announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/","og_locale":"en_US","og_type":"article","og_title":"AriseBank\u2019s $1 billion ICO Stopped By SEC","og_description":"The Securities Exchange Commission announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months.","og_url":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/","article_published_time":"2018-02-02T01:49:47+00:00","article_modified_time":"2018-02-02T12:55:31+00:00","og_image":[{"url":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/12\/securities-and-exchange-commission.jpg","type":"","width":"","height":""}],"author":"Cameron Bishop","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Cameron Bishop","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/#article","isPartOf":{"@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/"},"author":{"name":"Cameron Bishop","@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/0e2e077765174748afc2362c890e3f91"},"headline":"AriseBank\u2019s $1 billion ICO Stopped By SEC","datePublished":"2018-02-02T01:49:47+00:00","dateModified":"2018-02-02T12:55:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/"},"wordCount":353,"commentCount":0,"image":{"@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/12\/securities-and-exchange-commission.jpg","articleSection":["Cryptocurrency"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/","url":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/","name":"AriseBank\u2019s $1 billion ICO Stopped By SEC","isPartOf":{"@id":"https:\/\/www.legitgambling.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/#primaryimage"},"image":{"@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/12\/securities-and-exchange-commission.jpg","datePublished":"2018-02-02T01:49:47+00:00","dateModified":"2018-02-02T12:55:31+00:00","author":{"@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/0e2e077765174748afc2362c890e3f91"},"description":"The Securities Exchange Commission announced that it has filed an emergency relief action to shut down AriseBank ICO, calling it \u201can outright scam.\u201d The SEC has alleged that AriseBank, a Dallas-based company, has used deceptive tactics to raise around $600 million of its $1 billion goal in two months.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legitgambling.com\/news\/arisebanks-ico-stopped-by-the-securities-and-exchange-commission\/#primaryimage","url":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/12\/securities-and-exchange-commission.jpg","contentUrl":"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2017\/12\/securities-and-exchange-commission.jpg","width":380,"height":250},{"@type":"WebSite","@id":"https:\/\/www.legitgambling.com\/news\/#website","url":"https:\/\/www.legitgambling.com\/news\/","name":"","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legitgambling.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.legitgambling.com\/news\/#\/schema\/person\/0e2e077765174748afc2362c890e3f91","name":"Cameron Bishop","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f635e871248df28d6828ec38af2b48c04796e65e714639cfa0c2d3d1c91b0bc7?s=96&d=monsterid&r=g","caption":"Cameron Bishop"},"description":"Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.","url":"https:\/\/www.legitgambling.com\/news\/author\/cameron-bishop\/"}]}},"_links":{"self":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts\/4049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/comments?post=4049"}],"version-history":[{"count":0,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/posts\/4049\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/media?parent=4049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/categories?post=4049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legitgambling.com\/news\/wp-json\/wp\/v2\/tags?post=4049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}