The U.S. Securities and Exchange Commission on Monday said it has charged Youtuber Richard Heart and three of his entities with conducting unregistered offerings of crypto asset securities that raised more than $1 billion and misappropriating millions of dollars of investor funds.
The SEC charged Heart and his PulseChain entity with fraud for misappropriating at least $12 million of offering proceeds to purchase luxury goods including sports cars, watches and a 555-carat black diamond known as The Enigma, the commission said in a statement.
The three entities charged by the SEC are Hex, PulseChain, and PulseX.
(Reporting by Katharine Jackson and Ismail Shakill Editing by Mark Porter)
