back to article Alleged crypto-crook CEO cuffed by FBI after $4m investment in his bank bafflingly vanishes

The CEO of AriseBank, a Texas-based upstart that billed itself as the world’s “first decentralized banking platform,” has been arrested by the FBI and charged with securities and wire fraud. Last summer, Jared Rice, Sr claimed his newly found biz would provide everyday bank accounts to customers to store their cryptocurrencies …

  1. Fungus Bob Silver badge

    "why you'd trust the perspicacity of someone who used to get punched in the head for a living escapes us."

    Because... the George Foreman grill

    1. John McCallum

      At least The George Foreman grill does exist unlike crypto coins.

      1. jake Silver badge

        Both are leaking oil, though.

  2. Anonymous Coward
    Anonymous Coward

    It all comes down to disclosure

    Were there public photos of this guy's douchey facial hair before the ICO? If so, then no foul.

    1. jake Silver badge

      Re: It all comes down to disclosure

      That's face fungus? I thought is was a typical phone camera "expert photographer" and shadows caused by bad lighting.

  3. Robert Carnegie Silver badge

    I had trouble with the headline.

    "Alleged crypto-crook CEO cuffed by FBI after $4m investment in his bank bafflingly vanishes"

    I read this as, the FBI arrested him, but then he vanished. But no, the money apparently vanished.

    1. Mark 85 Silver badge
      Coat

      Re: I had trouble with the headline.

      The money didn't vanish. The lad knew where it was all along.

      Icon for where the money was...

      1. Frank Bitterlich
        Devil

        Re: I had trouble with the headline.

        Yep, and he told you so: "Decentralised banking." As in, the money's not in the bank, but rather... ah, somewhere.

  4. LDS Silver badge
    Facepalm

    Poor lad, it didn't understand you need to be a far larger bank...

    .... to operate with money you don't have, while exploiting customers....

    1. Anonymous Coward
      Anonymous Coward

      Re: Poor lad, it didn't understand you need to be a far larger bank...

      Reminds me...did anyone at the established banks get prosecuted for the sub prime mortgage issues that caused the odd big bank to go tits-up?

  5. LucreLout Silver badge

    Lazy sterotyping

    He even scored a celebrity endorsement from the partially eared three-time world heavyweight boxing champion Evander Holyfield, although why you'd trust the perspicacity of someone who used to get punched in the head for a living escapes us.

    Yawn. So all boxers / combat sportsmen are thick? Care to explain why globally significant universities such as Oxford or Cambridge usually have a boxing team? Or why both Klitschko brothers have PhD's? Sterotyping is lazy and often wrong.

    1. VulcanV5
      Thumb Up

      Re: Lazy sterotyping

      For those of us who have often mused on the cerebral capacity of so many of our Members of Parliament, your revelation that both Oxford and Cambridge run clubs for the pursuit of brain-destroying thuggery could well be the explanation we have for so long sought. Many thanks.

    2. LDS Silver badge

      Re: Lazy sterotyping

      Would you get boxing advice from your financial consultant?

      1. LucreLout Silver badge

        Re: Lazy sterotyping

        Would you get boxing advice from your financial consultant?

        No, but then I wouldn't take financial advice from such a consultant either.

    3. Anonymous Coward
      Anonymous Coward

      Re: Lazy thinking

      Care to explain why globally significant universities such as Oxford or Cambridge usually have a boxing team? Or why both Klitschko brothers have PhD's?

      Exactly how many globally-significant professional boxers have globally-significant Oxford and Cambridge produced? By percentage, how many professional boxers have PhDs? Or are you purposely making specious arguments and aggrandizing outliers to make a fallacious point?

      1. LucreLout Silver badge

        Re: Lazy thinking

        Exactly how many globally-significant professional boxers have globally-significant Oxford and Cambridge produced?

        Are you missing the point deliberately, or have you been hit in the head too much?

        The point is that not all boxers are thick. Thick people don't gain entry to elite universities and gain sought after places on their competetive teams.

        As you demonstrate admirably, it is more than possible to be stupid and not box. You're seeing causation where only weak correlation exists.

  6. FozzyBear Silver badge
    Happy

    @ LDS

    Actually I would. He holds a masters in financial planning/economics. He also holds a brown belt in Krav Maga ( Israeli fighting/self defence ) about to get his black. To buck the other stereotypes. Another mate ( A former Prison Guard) has a degree in teaching and psychology. He also holds a black belt in Modern Arnis.

    1. LDS Silver badge

      Sure - someone could be an expert in different areas - but before listening to an advice, you would check he or she has the required expertise. Still an amateur boxer (or whatever sport) advice is far different from a pro one, and the advice of an amateur financial player is different from a true professional one.

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