[kictanet] AriseBank: SEC Halts Alleged Initial Coin Offering Scam

[Lawrence Njogu]

This is a BIG challenge for all world governments; it is a global megatrend and no one has an answer yet if/how/when to regulate cryptocurrencies.
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From: kictanet <kictanet-bounces+lnjogu=hotmail.com at lists.kictanet.or.ke> on behalf of WANGARI KABIRU via kictanet <kictanet at lists.kictanet.or.ke>
Sent: Wednesday, January 31, 2018 7:06 AM
To: lnjogu at hotmail.com
Cc: WANGARI KABIRU
Subject: [kictanet] AriseBank: SEC Halts Alleged Initial Coin Offering Scam


SEC.gov | SEC Halts Alleged Initial Coin Offering Scam<https://www.sec.gov/news/press-release/2018-8>

<https://www.sec.gov/news/press-release/2018-8>

SEC.gov | SEC Halts Alleged Initial Coin Offering Scam




<https://www.sec.gov/news/press-release/2018-8#><https://www.sec.gov/news/press-release/2018-8#><https://www.sec.gov/news/press-release/2018-8#><https://www.sec.gov/news/press-release/2018-8#><https://www.sec.gov/news/press-release/2018-8#>
SEC Halts Alleged Initial Coin Offering
Scam
FOR IMMEDIATE RELEASE
2018-8
Washington D.C., Jan. 30, 2018 —
The Securities and Exchange Commission obtained a court order halting an allegedly fraudulent initial coin offering (ICO) that targeted retail investors to fund what it claimed to be the world’s first “decentralized bank.”
According to the SEC’s complaint, filed in federal district court in Dallas on Jan. 25 and unsealed late yesterday, Dallas-based AriseBank used social media, a celebrity endorsement, and other wide dissemination tactics to raise what it claims to be $600 million of its $1 billion goal in just two months.
AriseBank and its co-founders Jared Rice Sr. and Stanley Ford allegedly offered and sold unregistered investments in their purported “AriseCoin” cryptocurrency by depicting AriseBank as a first-of-its-kind decentralized bank offering a variety of consumer-facing banking products and services using more than 700 different virtual currencies.  AriseBank’s sales pitch claimed that it developed an algorithmic trading application that automatically trades in various cryptocurrencies.




























With the ingenuity and open innovation in the crypto world, this must make someone refer to what CBK said once....or alluded to.

Be blessed.

Regards/Wangari

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Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
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