The United States Securities and Exchange Commission (SEC) has served a lawsuit to HEX founder Richard Schueler, also known as Richard Heart, at his residence in Helsinki, Finland. The SEC alleges that Heart made over $1 billion by selling unregistered securities, including Hex, PulseChain (PLS), and PulseX (PSLX). Additionally, the agency claims that Heart defrauded investors by misappropriating at least $12 million of their funds to purchase luxury items such as a 555-carat diamond, expensive watches, and high-end automobiles.
The SEC attempted to personally serve Heart but faced difficulties in locating him. After several failed attempts, the agency resorted to substitute service, which involved serving the lawsuit through alternative means. Despite the ongoing legal proceedings, Heart has remained active online, posting about various crypto-related events on Twitter.
HEX, the cryptocurrency associated with Heart, has experienced significant losses, with an 81.5% decline over the past year and a 99% drop since its all-time high in September 2021.
Overall, the SEC’s lawsuit against Richard Heart highlights allegations of securities violations and fraudulent activities, shedding light on the legal challenges faced by individuals involved in the cryptocurrency industry.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇫🇮 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Sam Bankman-Fried, Richard Schueler, Do Kwon, Richard Heart, CZ |
| Companies | Binance, PulseX, Hex, PulseChain, United States Securities and Exchange Commission |
| Currencies | None |
| Securities | None |
