TechFlow news, according to The Block, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Richard Schueler, also known as Richard Heart, accusing him of selling unregistered securities.
Richard Heart is the founder of Pulsechain, PulseX, and Hex projects. According to the SEC, Heart raised over $1 billion by selling tokens for these projects and previously made statements suggesting that the value of Hex would increase.
The SEC alleges that Richard Heart misappropriated at least $12 million in customer funds to purchase luxury items for personal use, rather than developing the protocols, thereby defrauding investors.
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