Arisebank | Raided by FBI and SEC | Interview of Jared Rice Sr.
AriseBank is attempting to be the worlds first cryptocurrency and decentralized bank.
For those that didn't know, AriseBank was apparently raided by the FBI and had assets seized by the SEC.
In a recently released interview by Connie Willis on @bluerocktalk, Jared Rice Sr. talks about what happened and how the story unfolded.
Here are a few quote's from the interview coming from Jared:
"I got woke up that morning with guns pointing at me."
"They brought us outside, handcuffed us, put us in a suburban in the driveway."
"They brought the calvary, there was no doubt about that."
Jared Rice Sr. continued on and transitioned to the SEC showing up.
"Probably within an hour or two the SEC showed up, and then a receiver - a court appointed receiver who was gonna take over AriseBank and all the assets, pending acquisitions, and pretty much all the ICO's funds, everything, computers, phones , showed up."
"they were wanting to know where everything was, so we gave them everything we had access to."
"They asked for passwords to accounts and we gave it to them."
"We were very cooperative with them."
Throughout the interview Jared states that they are gonna fight this, and closes out the interview with this statement.
"We are really looking forward to this February 8th hearing that we've got in federal court. We are gonna be there suit and tie and proud as always."
It is unclear exactly why they were raided via information from the interview, but there has been speculation it is because of Arise using the word "Bank". On January 25th AriseBank tweeted "We have officially reserved the name “Arise Global Bank” with regulators. More info coming."
This raid definitely puts a question mark on AriseBank and its future. Jared Rice Sr. remains optimistic and is looking forward to going to court and getting this resolved. There will be more official news on the account coming from AriseBank in the future.
If you are interested, I highly suggest you listen to the full interview here.
You can follow Jared Rice Sr. on Twitter Here
You can follow AriseBank on twitter Here
You can check out Blue Rock Talk with Connie Willis Here
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Have a great day, and Steem on.
So Stan, are you finally ready now to disassociate your+Bitshare's name from this total scam? Surely at this point you can register, that this is not a matter of 'the man' sticking it to the small guy, but rather, is a result of the absolute scammy nature of this project which is chock full of false claims and red flags which are apparent to anyone who digs into it to any degree, which you (in being the biggest name lending this credibility) severely failed in your obligation to do so, thus causing far more people to get robbed by this scheme that otherwise would have been the case.
Better late than never, even if I+others have been begging you to do so for some time already, while pointing you to all the evidence for why it is so obviously a big fraud ...
This is the video that I based this article off of. Thanks Stan! Also, I'm a big fan of yours and Bitshares. Looking forward to what 2018 has to offer! I think big things are coming.
AriseBank stated it had purchased an FDIC-insured bank named KFMC Bank Holding Company. The SEC shows this, as well, was a lie: KFMC is not an FDIC-insured financial institution.
Yep, no doubt some shady stuff happening. I just wanted something good for Bitshares.
But where comes bitshares in?
Nothing to do with BitShares except the ecosystem would have benefited from what they were building. It might have pumped billions into our economy.
"Nothing to do with BitShares" except that you, @Stan, repeatedly associated BitShares' name with this outright scam, right on this very platform, thus lending it credibility - you literally posted about having 'our strategic alliance', where by 'our' you meant BitShares, who you were apparently claiming to represent in some way, and AriseBank - https://steemit.com/bitshares/@stan/bitshares-on-front-page-at-zero-hedge-arise-bank-deal . The deal with the special BitShares discount for AriseBank was both a big red flag already, and was associating BitShares with AriseBank.
I was posting multiple times to you to, pointing it out for the scam that it is, providing more than ample evidence, though it's not hard to find if you care to look, and asking you to do the responsible thing - to disassociate your name and BitShares' name from this scam, and to call it out for the scam that it is, but you didn't.
I'll copy-paste one of my previous posts from a week back pointing to the evidence here, in case you're interested in confirming what I'm saying:
I've looked into this AriseBank ICO quite deeply already, and it is has all the markings of a total scam .... please upvote this comment if you believe it's worth highlighting this fact, because it looks like a lot of people are losing a lot of money on this scam, due probably in large part to the apparent credibility given to it by the partnership with Bitshares. (or at least, if you think that it's worth highlighting all the evidence pointing to it being a scam which I haven't yet found well rebutted anywhere, and note I did go through one rebuttal to the accusations written by Arisebank - https://medium.com/@AriseBank/arisebank-isnt-a-scam-it-s-a-victim-of-libel-and-slander-d30ed800f483 - which after looking into everything a little more only made me more confident that the whole thing is in fact a scam ...)
Here's some articles demonstrating that it's a scam - it should be pretty easy to confirm for yourself that it's truly a scam by just confirming for yourself some of things pointed out by these articles:
https://medium.com/@aenigmacapital/investor-warning-arisebank-ico-strategic-partnership-with-bitshares-is-a-scam-96b8b473a61d
https://medium.com/@finmakler_sokol/arisebank-my-2-cents-based-on-the-chat-in-the-pivx-arisebank-channel-and-some-research-done-over-5305ff97f5bd
There's also one post I found on steemit looking into it further, but it seems to have been downvoted, which is unfortunate - https://steemit.com/bitshares/@clockwork/more-proof-arisebank-is-a-scam
You can also simply google 'jared rice and stanley ford' to read about Jared Rice's past scams - Jared Rice is the guy behind Arise Bank.
If, despite all the evidence, it's somehow not a scam, I'd love to see someone illustrate why by properly addressing all the claims pointing to all the clear red flags all over this that these articles make.
Thanks for your comment. It is hard to follow every move of all the different platforms. I am so glad to see here on steemit a lot of informed people.
Yep, exactly what Stan said! Bitshares would have benefited on AriseBank's success. Of course I'm not 100% sure what is going on between the two of them now, and we will know more about what is going on with AriseBank in the future.
AriseBank was only ever going to give BitShares a bad name by the fact that it was the association of BitShares' + Stan's name with this scam ICO that gave it a lot of it's apparent legitimacy - without it, I would presume a lot less people would have thrown away money to the known scammer behind this 'bank' ICO.
Imo, this affair means that I absolutely have zero trust in Stan, and I have a big question mark over BitShares due to their failure to publicly disassociate from AriseBank and state that Stan doesn't represent them in associating them with it. Which is unfortunate, as BitShares was one of the more promising projects in the space .... but this AriseBank scam is a huge huge red flag for all involved, which unfortunately includes BitShares.
I'm not going to dismiss your claims without thought, but I think everyone needs to wait and see what happens. If it truly is a scam we will all know. I am invested in Bitshares and that is why I know of AriseBank. I didn't even think of investing really because I was not interested in it, just interested in it benefiting Bitshares.
Well sure, it's fine for you to wait and see, if you're neither investing in nor promoting the AriseBank scam.
My insistence on calling it out for the clear scam that it is (which was easy enough to ascertain some time ago already, and now that it's disappeared completely from the web should be even more obvious), was to try to save people from losing their money with it, and to criticize those (e.g. Stan) who gave it legitimacy by promoting it unquestioningly and/or associating Bitshares'+their names with it, thus causing many more people to invest in it and be scammed out of their money. i.e. I did this in the hope that Stan and other promoters would disassociate from it and call it out for what it was - a scam. It is absolutely not fine, in the case of someone promoting it for example, to 'wait and see' whether it's a scam ....
At least, to me, there is a moral obligation to vet such a thing before promoting it (and it only took a few minutes of vetting to clearly see this for the fraud that it was, or at least to see way too many red flags to be able to in good conscience promote it), but unfortunately, it appears many in this space really have no morals or honesty, and are purely motivated by greed, and that Stan Larimer is no different to John McAfee selling-out to whoever pays him to dishonestly promote the week's current crypto-pump.
I hope the bank will be fine because I also closely monitor its development. If in court hearings everything is decided in favor of the bank, it will be a good incentive for the bitshares
Dude, it's simply not a bank. It's a clumsily constructed website with loads of misinformation, and absolutely nothing beneath, if you care to dig, besides a known past scammer's word.
I agree! I hope it goes through fine. A decentralized bank would be huge, and I'm a big Bitshares fan.
...
I'm sorry, but if you think AriseBank is some symbol of the fight between crypto and the government, you've picked the absolute worst symbol possible - it's just a straight-out scam, pure and simple, as myself and others have long been pointing out and have provided ample evidence for already.
What do you think about Polybius Bank , which claimed to be the first crypto bank? They also try to connect crupto world with common banking.
I haven't looked into it at all .... but at a glance - their website at least shows a bunch of photos of a team and a bunch of advisors - which really is not a lot (in terms of vetting something as being a good investment or having good prospects), but still a huge step above AriseBank, which literally just had one known scammer doing all the 'work' (the work being a lot of effort put into creating appearances - but all fake with nothing behind it), plus maybe one other guy somewhat involved in some way.
lol, just wanted to check back on AriseBank website ... and it's gone :D If anyone is not convinced that it's a total scam yet, I don't know what more you're going to need ....
Thanks. Usually we hear good things about new technology from Estonia. Hope Polybius will succeed. I trew some coins in when the ICO started.
ok thanks for your comment ... but I do not agree ... for me it takes more to refute a project ...
I pasted some links elsewhere in the comments here, so I won't repeat ... but if that's not enough for you to at least re-consider investing in it as a symbol, I don't know what could possibly be enough .... note I'm not saying to 'refute' it - you don't need to be anywhere near 101% sure (even if I am) that it's a scam .... but if there's so many red flags flying all over it, then there's surely better projects you can find to invest in as a symbol (or to invest in with your cash), given the at least significant chance that it will simply prove to be a huge embarassment for crypto.
I really like this post chasegapo! keep up the good work!
I thought Polybius Bank in Estonia was the first crypto bank.
It could be, I haven't researched it. Arise was trying to be the first decentralized bank, I guess it was trying to claim first crypto bank as well.