RE: D-TUBERS!!! BREAKING NEWS IN THE CRYPTO WORLD!
I listened to the interview. A very calm Jared Rice Sr explained that yesterday morning the FBI and SEC raided his office at gun point and took all the servers, computers, cell phones, passwords and more. Everyone cooperated and he was not arrested. They have a date in Federal court Feb 8. Jared seemed rather calm through the interview, and basically said, they just do not understand our technology vision and how we want to change the world. There was a lot of discussion about usage of the word "Bank," being a security, divisions of the company and if they were doing what they said they were doing. Jared is located in Texas and is the CEO & head of Arise Bank a decentralized bank. -Note: I do not understand all of the issues around this, and the interview did not clear everything up.
So there have been allegations on the internet that Jared is a conman, has defrauded investors before and is in the process of doing it again. There were allegations that the company claimed to have ATMS, which they do not. There were numerous websites -use google- that poked specific holes in what they were doing. Apparently, Texas has very specific rules about the usage of the word "Bank" and at least it appears Jared took a very liberal approach in usage of the word and talking about the pending acquisition of a 100 year old FDIC insured bank. There are also lines about being a security verses cryptocurrency. Jared seem to indicate he thought that they were work everything out, and that they were not doing anything wrong. I wanted to let you all know a little of what was said, I am sorry, after only a few hours I only understand some of the what the bank was /is or was planning on doing, and do not fully understand what is all going on.
So the SEC has filed suit saying that Arise Point is a security. The FBI raided his home to seize evidence on that suit. Jared claims that Arise Point is a Utility Token to use Arise Bank.
So here is the cease and desisit order.... They can not use the word "bank." https://www.dob.texas.gov/public/uploads/files/Laws-Regulations/orders/2018-001.pdf
No it didn't clear everything up @cryptick, I wish I could've gotten more out of him. OF course, I would also be shaken up at that point.
~ @bluerocktalk🖖