U.S. SEC Sues Hex Founder Richard Heart for over $1billion
Hex and Pulse Chain Founder Richard Heart Sued by SEC for Over $1bn Illegal Fundraising and Fraud Claims."
The U.S. Securities and Exchange Commission (SEC) has sued internet marketer Richard Schueler, also known as Richard Heart. He is accused of raising over $1 billion illegally through three of his projects, Hex, PulseChain, and PulseX, starting in 2019. The SEC also claims that Heart cheated his investors by using their money for personal items.
Heart allegedly made big promises to his investors, stating that Hex would become the highest appreciating asset in human history. However, he did not tell his investors that he was using their money from PulseChain to buy luxury goods for himself.
His new projects, PulseX and PulseChain, faced issues right after their launch, including high fees and bugs. The prices of the tokens HEX, PLS and PLSX also dropped after the launch.
The lawsuit further states that Heart often referred to federal securities laws but admitted that the success of his projects relied completely on his efforts. He greatly exaggerated the potential profits from investing in Hex.
The SEC has charged Heart and his projects with fraud and securities registration violations. The aim is to protect the public and hold Heart responsible for his actions.
