SEC Charges Hex Founder Richard Heart with Misappropriating Millions in Unregistered Crypto Offering

The Securities and Exchange Commission (SEC) has charged Richard Heart and his entities, Hex, PulseChain, and PulseX, with conducting unregistered offerings of crypto asset securities that raised over $1 billion from investors. Heart is also accused of misappropriating at least $12 million of the funds for personal luxury purchases. The SEC alleges that Heart marketed Hex as a high-yield investment and conducted unregistered offerings of Hex tokens. He later orchestrated two additional unregistered offerings for PulseChain and PulseX. The SEC seeks injunctive relief, disgorgement of ill-gotten gains, penalties, and other equitable relief.