SentencedNorthern Texas
Cryptocurrency CEO Sentenced to Five Years in $4 Million Crypto Scheme
Aug 25, 2021 · Sourced to the U.S. Department of Justice
This case reached the sentenced stage in the Department of Justice's public record. Everything below reflects only what the government itself announced, and links to the original release.
The inventor of cryptocurrency AriseCoin was sentenced today to five years in federal prison for duping investors out of more than $4 million.
Defendants
- Jared Rice, Sr. — age 33 · Texas · sentenced
Charges
Securities fraud
Max: five years in federal prisonJared Rice, Sr.· pleaded guilty
Financial actions
- restitution: $4,258,073 — Restitution ordered for duping investors out of more than $4 million in the AriseCoin/AriseBank crypto scheme
From the announcement
“first decentralized banking platform”
Investigating agencies
Federal Bureau of InvestigationU.S. Attorney's Office for the Northern District of TexasSecurities and Exchange Commission
Case details
- Prosecuting office
- Northern District of Texas
- Judge
- Ed Kinkeade, U.S. District Judge
- Assets
- Bitcoin, Ethereum, Litecoin, AriseCoin
Cryptocurrency FraudMisappropriation Of Investor FundsMisrepresentation Of Banking ServicesPrior Criminal History ConcealmentSec Civil EnforcementSecurities FraudUse Of Digital Currencies In Investment
Primary source
Every fact above is drawn from the Department of Justice's own announcement — a public-domain government record.
Read the original DOJ release →This is a research and reference page compiled from public DOJ announcements, not legal advice. Details reflect the government's statements as of its release date and may not capture later developments such as appeals, dismissals, or overturned convictions. Defendants are presumed innocent unless and until proven guilty.