AriseBank execs forced to pay $2.7 million to settle SEC charges of cryptocurrency fraud

[PRIBO247]

AriseBank's CEO and a co-conspirator have been ordered to pay
$2.7 million to the US Securities and Exchange Commission (SEC)
to settle charges relating to a cryptocurrency banking scam and
ICO.
On Wednesday, the US regulator announced the ruling in the case ,
which revolved around AriseBank, a now-defunct blockchain startup.
The organization claimed to be "the first decentralized bank to
offer the first and largest cryptocurrency banking platform in the world," and said that users could "serve as their own bank."

A service which integrated both traditional fiat currencies and over
700 modern cryptocurrencies appeared as a tempting investment
to many, bolstered by AriseBank's claims of partnerships with
reputable financial companies such as Visa and the intended
acquisition of KFMC Bank Holding Company and TPMG -- both of
which were described as traditional banks, but neither appear to
exist.

Source : https://www.zdnet.com/