The SEC Regional Office of Fort Worth went to court in January to close the initial offer of coins.
"Rice and Ford lied to AriseBank investors by presenting the company as a decentralized first-rate bank offering its cryptocurrency for customers' products and services," said Shamoil T. Shipchandler, director of the office of Fort Worth, in a statement.
Rice and Ford accepted the agreement without admitting or denying the SEC allegations. They will repay $ 2,259.543 for investors, plus $ 68.423 in interest, plus penalties for $ 184.767 each.
They also consented to the lifelong ban to serve as officers and directors of public companies and to participate in offers of digital securities, which stated that Shipchandler ensures that they will not engage in "another cryptography-based fraud".