January 30, 2018 / 2:50 PM / 10 months ago

U.S. halts AriseBank's initial coin offering, alleges fraud

WASHINGTON, Jan 30 (Reuters) - The U.S. Securities and Exchange Commission has halted what it alleged was a fraudulent initial coin offering by Dallas-based AriseBank to raise $1 billion for its “AriseCoin” cryptocurrency, the agency said in a statement on Tuesday.

The SEC said it had obtained a court order to halt AriseBank’s efforts to target investors, and alleged that the entity had “falsely stated that it purchased an FDIC-insured bank” and had “allegedly omitted to disclose the criminal background of key executives.”

Representatives for AriseBank could not be immediately reached for comment. (Reporting by Susan Heavey Editing by Chizu Nomiyama)

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