Finnish Police Seize $2.6M in Luxury Watches from Hex Founder Amid Tax Evasion Charges

Finnish police have confiscated luxury watches worth an estimated $2.6 million from Richard Schueler, also known as Richard Heart, the founder of the cryptocurrency HEX.

Schueler is wanted in Finland for alleged tax evasion and assault charges, with authorities struggling to locate his whereabouts.

The 20 seized watches, predominantly Rolexes, were discovered at a residence in Espoo, according to a January 7 report by Finland’s national broadcaster Yleisradio Oy (Yle).

Luxury Collection Valued at $2.68 Million

The combined value of the collection, based on receipts and expert evaluations, totals $2.68 million.

Inspector Harri Saaristola, who is leading the investigation, revealed that the watches were traced through intelligence activities. While some were purchased in the U.S., many were acquired in Finland.

Schueler is suspected of tax evasion between 2020 and 2024, with his unpaid taxes potentially reaching “several hundred million euros.”

He is also accused of assaulting a 16-year-old in 2021, an incident detailed in Europe’s most wanted fugitives list.

On December 22, Interpol issued a “Red Notice” for Schueler to aid in his capture.

Despite these allegations, Schueler remains active online, using platforms like X and YouTube to promote HEX.

Apparently there's a contest with prizes going on right now. The answer to your dreams is marketing. Promotions positively pressure price performance. I wish Satoshi sent me a letter letting me know about Bitcoin in 2008. Please peruse potential prose: https://t.co/dKqhSn2QtD…

— Richard Heart (@RichardHeartWin) January 8, 2025

Finnish authorities continue their efforts to locate Schueler, who remains elusive while under investigation for financial crimes and misconduct across multiple jurisdictions.

Schueler has also been placed on Europe’s most wanted fugitives list.

According to details shared there, he is accused of assaulting a 16-year-old victim by allegedly grabbing their hair, dragging them into a stairwell, and knocking them to the ground.

Schueler Sued by SEC

Schueler is also entangled in a separate legal battle with the U.S. Securities and Exchange Commission (SEC) over allegations of unregistered crypto offerings.

The SEC accuses him of raising over $1 billion through the sale of Hex, PulseChain (PLS), and PulseX (PSLX), marketing the tokens as lucrative investment opportunities.

“Instead of using these investor funds to develop and market the PulseChain network, or even to fulfill Heart’s explicit statement that invested funds supported ‘freedom of speech,’ Heart and PulseChain used at least $12.1 million of investor funds for Heart’s personal luxury purchases,” the SEC alleged.

The lawsuit also targeted Heart’s control of the project, his statements regarding potential increases in value, and the staking feature designed to encourage token holders to lock up their tokens in exchange for more tokens.

The SEC pointed to Heart’s previous comments claiming that Hex was built to be “the highest appreciating asset” and noted the significant decline in the price of Hex and the perceived worthlessness of tokens for the other two projects.

According to the federal agency, Heart purchased several luxury automobiles with investors’ money, including a Ferrari and McLaren sports car and numerous designer watches.

The supposed crypto scam artist further defrauded investors and bought the world’s largest black diamond, a 555-carat piece known as “The Enigma,” valued at over $4 million, from Sotheby’s in February 2022.

On August 22, Schueler sought to dismiss the lawsuit, but the SEC countered, asserting its jurisdiction to pursue the case.