Hex Coin Founder Now in Trouble in Finland

Richard Heart, #Hex Founder Faces Legal Troubles in Finland and the U.S.

Richard Schueler, also known as Richard Heart, founder of Hex and PulseChain, is now dealing with legal issues in both Finland and the United States. Heart, who resides in Helsinki, is facing accusations of tax evasion and assault in Finland, and is also under investigation by the U.S. Securities and Exchange Commission (SEC) for unregistered securities offerings.

Finnish Authorities Investigating Heart

On September 13, Finnish authorities issued a remand order for Heart. He is suspected of evading taxes between June 2020 and April 2024. Detective Harri Saaristola revealed that Heart’s income reports didn’t align with the tax authorities’ estimates. Heart’s tax arrears in Finland could amount to “several hundred million euros,” with an estimated 2023 income of 15.2 million euros ($16.9 million). The police are working with international authorities on the investigation. There is also an assault charge from February 2021, though no details have been released.

SEC Lawsuit and Allegations

In the U.S., Heart is being sued by the SEC for allegedly raising over $1 billion through unregistered securities—Hex (HEX), PulseChain (PLS), and PulseX (PSLX). The SEC claims some of the funds were used for personal luxury items, including a 555-carat diamond and expensive cars. While the SEC tried to serve Heart in Finland, authorities have been unable to locate him, though he continues to maintain an online presence, regularly posting interviews on his YouTube channel.

Heart has filed a motion to dismiss the SEC lawsuit, claiming no U.S.-based entities or activities were involved. However, the SEC argues he targeted U.S. investors and had been in the country during the time in question. The next court hearing is scheduled for October 24.

HEX’s Controversial History

Since its launch in 2019, HEX has faced skepticism. Heart promoted it as the “world’s first blockchain CD” targeting the banking market. The SEC also subpoenaed influencers who promoted HEX, PLS, and PSLX in late 2022. Meanwhile, a class-action lawsuit against Binance.US and CoinMarketCap for price manipulation involving HEX is ongoing, after an appeals court partially reversed the case’s dismissal.