[2018-03-01] AriseBank ICO Fraud Case May Ensnare Additional Parties

[JPage]

The receiver for AriseBank, the Texas ICO issuer at the center of a securities fraud case, suspects the firm's co-founders have not been entirely forthcoming with asset disclosures, documents show.

According to a receivership report filed this week, co-founders, Jared Rice Sr. and Stanley Ford, initially failed to comply with a court order requiring them to disclose all of their property as well as assets owned by AriseBank.

Ford is at present in Dubai, but Rice later acquiesced and the case's appointed receiver, Mark Rasmussen, has identified 27.96 bitcoins, 196,131.04 dogecoins, 271.33 litecoins, 2,391,455.51 bitshares coins, 19,413.76 PIVX and 3599.99 BitUSD coins in addition to other funds in fiat as assets.

https://www.coindesk.com/arisebank-ico-fraud-case-may-ensnare-additional-parties/

[Jaki-1]

What will happen with AriseBank ICO?

[dbers79]

I hope that regulating bodies would come up with a good regulation on how to keep these ICO's in check. People tend to rush in when easy money is to be have had. With the current boom in ICO's, sob stories are sure to follow in the coming months.