AriseBank ICO Fraud Case May Ensnare Additional Parties


The securities fraud case surrounding the Texas ICO issuer, AriseBank, may find itself embroiled in deeper controversies than it already is. According to the report filed by its appointed receiver, Mark Rasmussen, co-founders Jared Rice, Sr. And Stanley Ford may have not been as forthcoming as they should have been with regard their asset disclosures.

The report alleges that the duo was ordered to disclose all their properties, including assets owned by AriseBank, but failed to do so. Rasmussen, in his report identified the following assets so far: 27.96 bitcoins, 196,131.04 dogecoins, 271.33 litecoins, 2,391,455.51 bitshares coins, 19,413.76 PIVX and 3599.99 BitUSD coins, and other funds in fiat as assets.

However, he believes that there may be more that remain unknown, and that lawsuits may be in order so that he can effectively collect all properties from the receivership entities, as legally instructed. It has also been indicated that the existing case against AriseBank could involve other parties.

Although Rasmussen is set to liquidate the company’s assets “that may decrease in market value” such as smart phones, computers, and televisions so that they may “maximize the recovery amount,” itwould appear that the estate’s crptocurrency holdings are not going to be included in the list of assets to be liquidated.

“For now the receiver intends to continue holding the cryptocurrency in the receiver’s wallets and not liquidate it. The receiver will continue to assess the challenges of liquidating the cryptocurrency and make a recommendation to the court as part of a proposed liquidation plan,” the document states. Another receivership report is expected by April, outlining a more definitive plan of action for the liquidation of assets.


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