Online tycoon, Richard Heart finds himself in hot water after the US Securities and Exchange Commission (SEC) charged him and three unincorporated entities under his control with misappropriating funds from investors. SEC filed its complaint in the Brooklyn Federal Court on Monday, stating that Heart promoted his Hex token, PulseX trading platform, and PulseChain asset network over the internet as ways to monumental riches.
Richard Heart in hot water after SEC charges
On his website, Heart, also known as Richard Scheuler, proclaims himself as a kind of modern-age guru, with his products holding the answer to all political, economic, and social issues. He stated that:
“I receive sincere thanks from multiple people every day for changing their life meaningfully. I’ve gotten thousands of people to stop gambling, trading, drinking, playing intensive grinding video games. My free self-help YouTube channel, and free self-help books have made a massive impact on people’s lives. I even put up a testimonials page for some of the people brought to tears by what HEX did for them.”
The details of the SEC complaint paint a different scenario. The commission alleges that Heart illegally raised $1bn in unregistered cryptocurrencies and duped investors out of $12.1m, which he spent on luxurious goods. These included McLaren and Ferrari sports vehicles and a 555-carat black diamond, the Enigma, worth an estimated $4.28m, which he bought at a Sotheby’s auction.
It is thought that Heart, a US citizen, currently resides in Finland. Since 30 June 2023, the Hex price dropped by more than 98%, and PulseChain and PulseX offerings are worthless.
