Hex and PulseChain Founder Richard Hart Under Investigation by Finnish Authorities
Date: 2024-09-19 Author: Henry Casey Categories: IN WORLD
Hex and PulseChain founder Richard Schuler (aka Richard Hart) is officially wanted by Finnish authorities on charges of massive tax evasion and assault, according to a new report from Finnish media outlet Yle.
Richard Hart (A.K.A. Richard Schuler) Wanted in Finland
The report, dated September 17, claims that Hart, who lives in Helsinki, owes the Finnish government hundreds of millions of euros in taxes.
“Given the significant amount of money and the long-term, planned nature of the activities, there is reason to suspect tax evasion on a large scale,” Helsinki police detective Harri Saaristola told Yle.
According to Saaristola, the Finnish Tax Administration’s projected estimates did not match Hart’s tax returns from mid-2020 to April 2024.
Finnish authorities believe that Hart operated his international cryptocurrency operations from Finland and that his income in 2023 was more than 15.2 million euros. However, the tax evasion charges do not appear to be related to that amount.
Saaristola did not elaborate on the charges in the attack, although he noted that the incident occurred in February 2021.
Hex and PulseChain Scandal
In addition to the new charges in Finland, Hart also faces a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) for orchestrating the Hex and PulseChain scandal.
According to federal prosecutors, the cryptocurrency developer raised more than $1 billion through unregistered securities offerings and embezzled millions of dollars in customer funds.
“Instead of using these investor funds to develop and market the PulseChain network, or even to fulfill Hart’s claim that the invested funds supported ‘free speech,’ Hart and PulseChain spent at least $12.1 million of investor funds on Hart’s personal purchases,” the SEC complaint states.
The federal agency alleged that Hart purchased several luxury cars with investor money, including a Ferrari and a McLaren, as well as numerous designer watches.
In addition, the alleged fraudster purchased the world’s largest black diamond, a 555-carat diamond known as the Enigma, for more than $4 million at a Sotheby’s auction in February 2022.
“Hart encouraged investors to purchase cryptocurrency assets in offerings that he did not register. He then defrauded those investors by spending their funds on luxury goods,” Eric Werner, director of the SEC’s Fort Worth Regional Office, said in a July 2023 filing. "This lawsuit is intended to protect investors and hold Hart accountable for his actions." Hart has since filed a motion to dismiss the SEC's lawsuit.
