Key Insights:
- Richard Heart is under investigation in Finland for suspected tax evasion and assault while evading both Finnish and U.S. authorities.
- Finnish authorities estimate Heart’s unpaid taxes could reach several hundred million euros from 2020 to 2024.
- The SEC lawsuit against Heart alleges $1 billion in unregistered securities offerings, with funds misused for luxury acquisitions.
Richard Schueler, also popularly known as Richard Heart, the founder of HEX and PulseChain, has legal issues in Finland. In the U.S., Finnish authorities submitted a remand order for him on suspicion of tax fraud and a physical attack. Despite living in Helsinki, both Hearts have allegedly escaped the law enforcement agencies in both countries.
The Finnish tax authorities and the Helsinki police have accused Richard Heart of tax fraud from June 2020 to April 2024. Finally, Detective Harri Saaristola mentioned that he had found inconsistency in Heart’s reported value of income and tax estimates, which were likely to range between several hundred million euros.
It also has links with an alleged assault that occurred in February this year, the report added. However, information on the type of the latter is still unknown. This performance stays under police investigation with the cooperation of tax authorities and international organizations; this remains a possibility for legal issues regarding the Heart.
Ongoing Legal Challenges in the United States
Richard Heart is also being sued by the U.S. Securities and Exchange Commission (SEC) for failing to register his companies HEX, PulseChain, and PulseX, which sold more than $1 billion of unregistered securities. The SEC said they suspected that some of the funds were used for Heart’s expenses, such as watches, automobiles, and a $70 million 555-carat diamond.
The SEC administration has been challenged to deliver legal papers to Heart as he plays the ‘now you see him, now you don’t’ game. Nevertheless, the blogger continues posting videos and interviews on his channel, making Heart really active on social networks. The next hearing in the SEC case is set for October 24.
Controversy Surrounding HEX and Pulse Chain
Sahanya, HEX is one of the startups that were founded in 2019 and turned into a project of discussion. It was also highly considered as an investment as it was marketed as the world’s first CD on a blockchain platform. But when July this year, the SEC filed a lawsuit alleging that HEX alongside PLS and PSLX tokens are unregistered securities that are in the market, which led to the rise of legal issues.
The SEC has also sought to subpoena some of these influencers and also recently filed a class action against Binance. Thus, there is a sort of animosity between the USA and CoinMarketCap. In addition to that, the SEC has alleged that the platforms have also manipulated the price of HEX.
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