The U.S. Securities and Exchange Commission (SEC) has indicted crypto industry figure Richard Schueler, better known as Richard Heart, alleging he conducted an unregistered sale of securities. Heart is the founder of the Pulsechain, PulseX, and Hex projects, all of which have been controversial during their existence. According to the SEC, Heart raised more than $1 billion by selling tokens for these projects, and has made comments that Hex will increase in value. The SEC alleges that Heart defrauded investors by misappropriating at least $12 million of client funds to make personal luxury purchases rather than develop agreements.