Richard Heart : The SEC may take legal action against a US citizen. Some claim this person made over $1 billion from selling cryptocurrency securities without reporting earnings. This person also lived a public life and spent a lot of money on extravagant things, like buying the biggest black diamond ever found.
Richard Heart, also known as Richard Schueler, created Hex, PulseChain, and PulseX online. All three had to do with money transactions. According to the SEC, he made these trades seem like a great way to make money, which led buyers to believe his lies. This led to SEC action against him.
Schueler’s attempt to sell Hex coins as “Certificates of Deposit” with a 38% yearly return, according to the SEC, was a clever technique to mask the true nature of the situation, the SEC alleges. The SEC is a financial watchdog.
Due to three unlawful stock acts, Schueler is being taken to civil court. He’s accused of deceiving customers and collecting money in underhanded ways they didn’t know about. According to the SEC, he engaged in wash trading and profited by hundreds of millions of dollars. It seemed like many Hex tokens were being traded and a market existed for them.
Per the SEC’s probe, Schueler embezzled $12 million from clients and used it for lavish purchases. This person bought a 555-carat black diamond, luxury cars, and expensive watches, like a $550,000 Rolex Daytona, a $800,000 Rolex GMT Master II, and a nameless Rolex worth $1.38 million.
Schueler is trying to spend less time on social media. He quit Instagram to be more humble and show respect.
Schueler faced difficulties and was charged in the Eastern District of New York. This is a significant development in this legal matter.