As the last Boom Phase of Bitcoin just started, the SEC strengthened in order to engage in the ICO-scene. So you froze in January of this year, for the time being, the operation of the business of the AriseCoin. On 12.12. announced to the authority the amount of the penalty and other penal consequences.
By Phillip Horch
13. December 2018ShareFacebookTwitterLinkedInxingemail
at the beginning of the year to 2018, as the air from the Bitcoin bubble again escaped, were Scam messages on an almost daily basis. The ICO, with the promising name AriseCoin: The company pretended to be the “first decentralized Bank in the world”. With an attractive White Paper and Social Media campaign, the operator collected a total of 600 million US dollars. The Problem: There was neither a permit, nor a decentralized Bank. In short: another Scam, the riding the Bitcoin wave.
Bitcoin and Litecoin assets immediately frozen
So it was that the SEC froze the assets of two operators immediately. Including Bitcoin and Litecoin deposits bafanden. Now, under 11 months later, published the American stock exchange Supervisory authority of the 12. December the verdict. In a press release, they announced that the two operators of the ICOs have been sentenced in Federal court to pay almost US $ 2.7 million. You also no longer “allowed to serve as officers or Directors of joint-stock companies, or in the future Offered by digital securities” to participate.
Accordingly, indignant the Chairman of the Fort Worth Regional Office of the SEC:
“Rice and Ford was lied to the investors of AriseBank by promoted the company as one of the first decentralized banks with their own crypto-currency for customers’ products and services. […] The digital stock exchange in Rice and Ford are going to prevent you from committing another crypto-asset-based fraud.“
Without the allegations to grant or to deny, accepted the two operators, Jared Rice, and Stanley Ford, $ 2.5 million to pay the fine. Overall, the operators were quite accommodating. It is said in the press release:
“not to violate [the operator and the SEC] also agreed to a lifelong ban, to act as officers and Directors of corporations and the digital value of the paper to participate are offered, as well as a permanent ban against the anti – Fraud and registration provisions of the securities laws of the Federation.”
