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In a tactic for investors to allocate more funds in their supposedly cryptoactive project, the defendant falsely reported that he had raised $ 600 million in January, as part of an initial currency offer (ICO), to fund his alleged plan of action. If found guilty, Rice would face a prison sentence of up to 120 years.
The bank was founded in January 2017, but was not registered as a bank and operated under Rice's control in Dallas, Texas, according to a document released by the Department of Justice. The defendant handled the portals raisebank.com and arisecoin.com, the first contained two white papers, one identified as "the developer's white paper" and the other as "the white paper of the" 39; elevator. "
Fraudulent actions
This is not the first time that Rice has problems with the justice and financial institutions in the United States. In January of this year, the Securities and Exchange Commission (SEC) ordered the aforementioned OIC ruling to be overturned on the grounds that it had the characteristics of a fraudulent scheme and that it would also require an unregistered offer of securities.
Stephanie Avakian, Co-Director of the SEC Compliance Division, said: "AriseBank and its directors have sought to mobilize hundreds of millions of investors. falsely representing society as the first bank of its decentralized class which offers its own cryptocurrency to use in a wide range of products and services for customers ".
The legal process against Rice could set a precedent in the US for scammers, who use crypto-active agents to deceive those who wish to formally invest in the ecosystem.
The picture selected by: Andrey Burmakin / stock.adobe.com
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