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News · Regulation & Policy

SEC Charges Hex Founder Richard Heart with Fraud and $1 Billion Unregistered Offerings

The regulator alleges Richard Schueler misappropriated at least $12 million in investor assets for luxury purchases while conducting unregistered sales of HEX, PLS, and PLSX.

▼ Bearish$ETH $2,363 −5.9%$HEX$PLS
October 15, 2026basisdesk.news
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Key point 1 of 3

01

The SEC filed fraud and unregistered securities offering charges against Richard Heart, Hex, PulseChain, and PulseX over $1 billion raised.

October 15, 2026basisdesk.news
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Key point 2 of 3

02

Regulators allege Heart misappropriated at least $12 million in offering funds to buy sports cars, watches, and a 555-carat black diamond.

October 15, 2026basisdesk.news
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Key point 3 of 3

03

The complaint targets unregistered token offerings of HEX, PLS, and PLSX, alleging attempts to bypass securities laws via 'sacrifice' schemes.

October 15, 2026basisdesk.news
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Context

Heart launched Hex in 2018 and later raised capital for PulseChain and PulseX, relying on token lockups and aggressive marketing that promised high yields to participants.

October 15, 2026basisdesk.news
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Why it matters

Holders of HEX, PLS, and PLSX face immediate legal and regulatory overhang, while the broader crypto industry sees continued SEC scrutiny of staking and 'sacrifice'…

October 15, 2026basisdesk.news
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What to watch

Proceedings in the US District Court for the Eastern District of New York, including Heart's legal response and formal defense filings against the SEC complaint.

October 15, 2026basisdesk.news
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Sources

Built from 1 primary source, machine-checked before publication.

  • sec.gov
October 15, 2026basisdesk.news
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