CEO faces charges for scamming

The CEO of Dallas-based AriseBank was arrested by the FBI on Wednesday for allegedly duping hundreds of investors out of more than $4 million in a splashy cryptocurrency scheme that promised federally insured accounts and brand-name credit cards. Jared Rice Sr.‘s arrest followed his indictment on three counts each of securities fraud and wire fraud. The indictment accuses Rice, 30, of lying to would-be investors by claiming that AriseBank could offer consumers FDIC-insured accounts and traditional banking services, including Visa-brand credit and debit cards, in addition to cryptocurrency services. AriseBank had no such authorization to conduct banking in Texas, had no FDIC insurance and had no partnership with Visa.