The U.S. SEC sues Hex and Pulsechain project founder Richard Heart for allegedly selling unregistered securities

2023-07-31 22:46:33

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ChainCatcher news, according to The Block, the U.S. Securities and Exchange Commission (SEC) has sued Richard Schueler (also known as Richard Heart), accusing him of selling unregistered securities.

Richard Heart is the founder of the Pulsechain, PulseX, and Hex projects. According to the SEC, Heart raised over $1 billion by selling tokens for these projects, and he had previously made comments suggesting that the value of Hex would increase.

The SEC claims that Richard Heart misappropriated at least $12 million of customer funds for personal luxury purchases instead of developing the protocol, thereby deceiving investors.

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The U.S. SEC sues Hex and Pulsechain project founder Richard Heart for allegedly selling unregistered securities

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