The U.S. Securities and Exchange Commission (SEC) recently initiated legal action against crypto influencer Richard Schueler, widely recognized as Richard Heart, along with his trio of cryptocurrency ventures – Hex, PulseChain, and PulseX.
The regulatory body contends that these ventures engaged in unregistered offerings of “crypto asset securities,” accumulating a huge amount of $1 billion from investors.
The Commission further accuses Heart of defrauding investors by using approximately $12 million of the raised funds to purchase extravagant goods, including luxury cars, watches, and a 555-carat black diamond.
Today we charged Richard Heart (aka Richard Schueler) and three unincorporated entities that he controls, Hex, PulseChain, and PulseX, with conducting unregistered offerings of crypto asset securities that raised more than $1 billion in crypto assets from investors.
— U.S. Securities and Exchange Commission (@SECGov) July 31, 2023
Unregistered Token Offerings And ‘Re
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