In a "$4 million crypto scheme," Arisebank CEO Jared Rice Sr. was sentenced to five years in prison. In March 2019, he pleaded guilty to one count of securities fraud. According to Justice Department, U.S. District Judge Ed Kinkeade ordered him to pay $4,258,073 in reparations on Wednesday. Rice "admitted he lied to would-be investors," according to plea papers, saying that Arisebank could provide clients with "FDIC-insured accounts and traditional banking services.