USMA Law Group is investigating potential securities claims on behalf of pre-purchasers of the AriseCoin Token in connection with the AriseBank attempted Initial Coin Offering. AriseBank began raising money through an alleged unregistered securities offering of AriseCoin around November 2017. AriseBank claimed that it raised more than $600 million, with a goal of $1 billion. The ICO was scheduled to conclude on January 27, 2018, with AriseCoin to be distributed to investors on February 10, 2018.
On January 25, 2017, the SEC halted the allegedly fraudulent initial coin offering by securing a court-ordered emergency asset freeze over AriseBank, and its co-founders, which included appointing a receiver over their assets.
The ICO was allegedly an illegal offering of securities. Arise bank may have also made false statements about the ability to offer customers FDIC-insured accounts and transactions and its association with a payments processing platform through which AriseBank claims to offer an AriseBank-branded Visa card. AriseBank also allegedly failed to disclose the criminal background of key executives.
USMA Law Group is preparing of a class action lawsuit to demand rescission of the investments made by investors of the AriseBank ICO. If you purchased in the AriseBank ICO, please visit the firm’s Investigation Web page for more information. You may also contact David P. Abel at 202-274-0237 or via email at email@example.com.