I will admit that I do not understand a lot of what happened. But things looked fishy to me. I saw red flags, but I cannot know or prove if this was legitimate or not. In my mind though, this is a good case for the courts to look at. If this was a con/scam the courts did us a huge favor by killing it early. If it is legitimate, the idea will be reborn are presented in a better more compliant way.
RE: Arise Bank raided by SEC, Interview with J Rice Snr confirms.