Details from the SEC's enforcement complaint against Richard Heart — the man behind Hex, PulseChain, and PulseX.
Here are some additional details from the SEC’s initial enforcement complaint against Heart:According to regulators, Heart misdirected much of what he raised for Hex and his other projects to his own pockets.
Heart’s auto purchases included a McLaren and a white Ferarri Roma, while his watch buys included $1.38 million spent on one Rolex, among the four Heart purchased during that time, according to a list included in the SEC’s initial lawsuit. The goal was to fake trading volume to create the false impression of demand for Hex, the complaint alleged, while giving Heart and accomplices control of a large number of the tokens.In a hallmark of unregistered securities offerings, the SEC said that Heart marketed his token as an investment, despite not registering it as one.
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