CryptoNews: SEC has filed a lawsuit against Richard Schueler, also known as Richard Heart, and his ventures Hex, PulseChain, and PulseX for allegedly raising more than $1 billion through three unregistered securities offerings since 2019.
The U.S. Securities and Exchange Commission Accused Richard Heart of Cheating Investors has filed a lawsuit against Richard Schueler, also known as Richard Heart, and his ventures Hex, PulseChain, and PulseX for allegedly raising more than $1 billion through three unregistered securities offerings since 2019.
Heart was charged by the SEC with cheating investors by using their money to purchase luxury items for himself. Heart lauded the investments as a way for investors to amass enormous fortunes, but he hid the fact that he had used millions of dollars from PulseChain investor funds for personal advantage.
Soon after their launches earlier this month, PulseX and PulseChain had liquidity problems, excessive fees, and exploitable vulnerabilities, which led to a decline in the prices of HEX, PLS, and PLSX tokens. Heart frequently made mention of federal securities regulations in his public speeches, which the SEC cited, but it also pointed out that he had acknowledged that the initiatives' success was solely dependent on his efforts.Related Articles
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