Jared Rice, Sr., pleaded guilty to duping investors out of more than $4 million.
Jared Rice, former AriseBank CEO, pleaded guilty to securities fraud and could face as much as 20 years in prison.
The SEC has settled charges with AriseBank's former CEO and COO, requiring the two to pay $2.7 million in disgorgement and $187,000 in penalties.
The FBI has arrested the CEO of cryptocurrency platform AriseBank after he was indicted over an alleged multi-million dollar scam.
A court filing indicates that the SEC-appointed receiver for AriseBank is searching for undisclosed assets and investigating third-party involvement.