Jared Rice Sr.
Founder and CEO of AriseBank, marketed as the world's 'first decentralized bank.' He pleaded guilty to securities fraud over the AriseCoin ICO and was sentenced in 2021 to five years in prison plus ~$4.26M in restitution.
Also known as: Jared Rice, Jared Rice Sr.
Bio
Jared Rice Sr. founded and led AriseBank, which promoted its AriseCoin (AriseCoin/AODC) ICO as the world's "first decentralized banking platform." He falsely told investors AriseBank offered FDIC-insured accounts and Visa-branded credit cards; in reality it had no such banking authority, FDIC insurance, or Visa partnership, and Rice diverted investor funds for personal use. The SEC halted the ICO in January 2018. [1][2]
Legal outcome
Rice settled the SEC's civil action in 2018, pleaded guilty to one count of securities fraud in March 2019, and on August 25, 2021 was sentenced to five years (60 months) in federal prison and ordered to pay $4,258,073 in restitution. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.