Published: 2021-08-28 17:35:10
The CEO of AriseBank, Jared Rice Sr. gets a 5 year prison sentence for embezzling more than $4.2m in crypto scams. By using elaborate cryptocurrency schemes, the CEO managed to obtain $4.250.000m from various investors. As a result, the state of Texas orders the CEO to pay back every single penny of the embezzled $4.250.000. That is in addition to the initial 60 months prison sentence.
In order to successfully pull off a such a hefty crypto scam, the CEO used his background as the creator of AriseCoin. More specifically, by using his portfolio and position, he lured investors for the purpose of tricking them in order to obtain their money.
Moreover, he was lying potential customers and investors by falsely presenting AriseBank as the ‘first decentralized banking platform’. Which co-relates with the lie that AriseCoin offers customers Federal Deposit Insurance Corporation (FDIC). In addition to providing the standard bank providers in the likes of Mastercard and Visa.
With this elaborate scheme in motion, Mr. Rice swindled hundreds of investors into buying AriseCoin. By accepting every major crypto coin, Mr. Rice made it really convenient for investors to ‘throw’ their money without second guessing. The result, $4.250.000m which are product of a criminal activity.
Consequently, Mr. Rice was using the investors’ money to please his own lifestyle. Specifically, spending money on expensive dinners, hotels, vehicles and even professional legal services. With all of this into consideration, the Texas High Court issued an order to return every penny of the $4.250.000.
This clearly shows that even high-profile CEO’s and companies are not always what they seem on the surface. Which only makes us wonder how many tech giants manage to get by without being caught. Well, this time the CEO of AriseBank gets a 5 year prison sentence for embezzling those $4.2m. A decision that many of us salute, since it shows that no one is above the law and the people.
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