An entrepreneur by the name of Richard Heart was accused by the US Securities and Exchange Commission on Monday of generating more than $1 billion through three unregistered crypto-asset offerings. Heart is accused of defrauding investors of $12.1 million only to spend it on luxuries like a 555-carat black diamond.
Who is Richard Heart?
Richard Heart is an online entrepreneur who was recently sued by the US SEC. His real name is Richard Schueler, and he is also an author, YouTuber, and philanthropist.
From a young age, Heart showed signs of being an exceptional kid. In fact, when he was three years old, he attended a gifted school for accelerated learning. Moreover, Heart also participated in an advanced middle school program created by an MIT graduate in Davie, Florida, for his middle school education.
He founded Hex, the first high-interest blockchain certificate of deposit in the world, as well as the PulseChain network. Heart is recognized for using the PulseChain network to raise over $27 million for medical research.
Heart has become well-known for providing his viewers with expert advice and preventing them from falling into fraud, particularly in the cryptocurrency sector. He is the writer of the personal development book SciVive.
Heart is also a popular keynote speaker who frequently appears on talk shows, podcasts, and videos to share his knowledge on issues like entrepreneurship, marketing, and money.
The news organizations like CNBC, Forbes, Business Insider, Kitco, Economic Times, CoinTelegraph, and others have all featured Heart. However, now three of his crypto projects namely, Hex, PulseChain, and PulseX, are accused of conducting unregistered offerings of ‘crypto-asset securities’.
Investors contributed more than $1 billion in cryptocurrency to the unregistered business, according to the agency.
Heart and PulseChain were also accused of fraud for allegedly “misappropriating at least $12 million of offering proceeds to purchase luxury goods, including sports cars, watches, and a 555-carat black diamond known as “The Enigma” – reportedly the largest black diamond in the world.”