The post Crypto Founder Richard Heart Sued by SEC for Unregistered Securities Sale and Fraud! appeared first on Coinpedia Fintech News

Richard Schueler, also known as Richard Heart in the crypto industry, has been sued by the US Securities and Exchange Commission (SEC) for allegedly conducting a sale of unregistered securities. Heart is the founder of Pulsechain, PulseX, and the controversial project Hex, through which he raised more than $1bn by selling tokens. The SEC claims that Heart violated federal securities laws and defrauded investors by making false statements about the value of Hex. The SEC also alleges that Heart misappropriated at least $12m of customer funds for personal purchases of luxury items, including sports cars and watches