SEC Files Lawsuit Against Richard Heart and Companies Hex, Pulse chain, and Pulsex
The U.S.
Securities and Exchange Commission (SEC) filed a lawsuit Friday against
Richard Schueler, known as
Richard Heart, and his companies Hex,
Pulsechain, and
Pulsex, alleging they raised more than $1 billion through unregistered securities offerings.
The SEC complaint alleges that
beginning in December 2019, Heart offered and sold
Hex tokens and promised investors incentives and bonuses while marketing Hex as a high-yield blockchain certificate of deposit. T
he SEC lawsuit states:
Through their actions, defendants Heart and Pulsechain violated, and unless enjoined will continue to violate, the antifraud provisions of the federal securities laws.
Additionally, the complaint alleges that between
July 2021 and April 2022, Heart conducted unregistered offerings of investments called
Pulsechain and Pulsex, allegedly urging investors to deposit crypto assets into public wallet addresses in exchange for tokens that would be delivered in the future.
The SEC states that the offerings from Hex,
Pulsechain, and
Pulsex were securities offerings that were not properly registered.
