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AriseBank Hit With SEC Suit Over Initial Coin Offering

Law360, New York (January 29, 2018, 10:04 PM EST) -- The U.S. Securities and Exchange Commission has moved in to stop what has been touted as the largest initial coin offering ever launched, alleging in a complaint unsealed Monday in Texas federal court that the offering by Dallas-based AriseBank, which had a $1 billion goal, was illegal and fraudulent.

The SEC said in a complaint dated Jan. 25 that AriseBank’s offering of so-called AriseCoin wasn’t properly registered with the agency and was marketed with a variety of false claims, including that AriseBank had come up with...
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Case Information

Case Title

Securities and Exchange Commission v. AriseBank et al


Case Number

3:18-cv-00186

Court

Texas Northern

Nature of Suit

Other Statutes: Securities/Commodities/Exchange

Judge

Barbara M.G. Lynn

Date Filed

January 25, 2018

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