The U.S. Securities and Exchange Commission has filed a lawsuit against Richard Heart, the founder of the Hex and PulseChain projects, alleging he raised over $1 billion in unregistered securities sales and defrauded investors. nikhileshde reports
The U.S. Securities and Exchange Commission sued internet marketer Richard Schueler, known online as Richard Heart, and his projects Hex, PulseChain and PulseX, alleging he raised over $1 billion across three different unregistered securities offerings beginning in 2019.
Heart also defrauded his investors, the SEC alleged in a lawsuit on Monday, by using investor funds for personal goods. "Heart continually touted these investments as a pathway to grandiose wealth for investors, claiming that Hex, for example, 'was built to be the highest appreciating asset that has ever existed in the history of man,'" the lawsuit said."... Although Heart claimed these investments were for the vague purpose of supporting free speech, he did not disclose that he used millions of dollars of PulseChain investor funds to buy luxury goods for himself.
PulseX and PulseChain launched earlier this month, but faced rocky starts in the weeks immediately after going live, seeing high fees, liquidity issues and exploitable bugs. The prices of the HEX, PLS and PLSX tokens fell post-launch.Heart made frequent references to federal securities laws, the SEC further alleged, citing his YouTube livestreams and other public statements.
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