Arise Bank raided by SEC, Interview with J Rice Snr confirms.

I think we all have been hearing about the rise in crypto-currencies. If you haven't just check this site or google it.
I have yet to see this story on fox, cnn, msnbc, or even here yet. The company was going to be the first decentralized crypto-currency banks according to the owners.

Apparently the fbi raided a legitimate start up business because they didn't understand how block chains work. hmmm



Here is an article about it.
steemit.com...@holoz0r/arise-bank-raided-by-sec-interview-with-j-rice-snr-confirms

They bust in to this guys home and put guns in the faces of innocent people. And then seized all there computers , phones, hard drives but then didn't arrest anyone.
Big banks going after the competition?
Truly a case of not understanding the tech?
What does ATS think?

I think you need to read more about it.
LINK
It's was a scam.

We allege that AriseBank and its principals sought to raise hundreds of millions from investors by misrepresenting the company as a first-of-its-kind decentralized bank offering its own cryptocurrency.....

..... Rice is simultaneously CEO of Dallas marketing firm Dotoji....Dotoji’s registered business address is a home in a residential section of Dallas...

...neither Arise Bank nor KFMC Bank Holding Company appear to be registered with regulators including the Texas Secretary of State nor the FDIC.

TPGB, another bank Arise says it has acquired a 25% stake in, does not appear to exist in any capacity...

They got caught.

originally posted by: Blaine91555
I think you need to read more about it.
LINK
It's was a scam.

We allege that AriseBank and its principals sought to raise hundreds of millions from investors by misrepresenting the company as a first-of-its-kind decentralized bank offering its own cryptocurrency.....

..... Rice is simultaneously CEO of Dallas marketing firm Dotoji....Dotoji’s registered business address is a home in a residential section of Dallas...

...neither Arise Bank nor KFMC Bank Holding Company appear to be registered with regulators including the Texas Secretary of State nor the FDIC.

TPGB, another bank Arise says it has acquired a 25% stake in, does not appear to exist in any capacity...

They got caught.

Funny thing, Texas does have crypto-currency regulations, that includes needing a minmum net worth of a projected $500,000.
even though they don't regard it as legal tender...or acknowledge that this is a bank, that's a kind of weird, perhaps not thought out so good idea.
Thing is, the next revolution to be widely speculated is cashless banking, which untimately is the same thing.

www.texastribune.org...

a reply to: Blaine91555

I think you hit the nail on the head here.

I am all for screwing the banks, but screwing the people and breaking the law as a part of a business practice? I cannot get behind that. Fraudulently claiming to control assets that do not exist (ergo a fictitious bank), to make ones business appear more desirable from the perspective of people looking to buy in, is pretty clearly illegal.