Richard Schueler, known as Richard Heart, the founder of Hex and PulseChain cryptocurrency firms, has been remanded into custody in absentia by Finnish authorities. He faces charges of tax evasion and assault. Alongside this, Heart is also embroiled in a U.S. Securities and Exchange Commission (SEC) lawsuit over unregistered securities offerings.
Schueler, an American national residing in Helsinki, Finland, is under scrutiny from both Finnish tax authorities and the SEC in the United States. Finnish detective Harri Saaristola has stated that Schueler’s reported income does not align with the estimated taxes owed, suggesting a deliberate attempt to evade taxation.
The remand order was issued on September 13, 2024. The alleged tax evasion occurred between June 2, 2020, and April 2, 2024, while the assault charge dates back to February 2021. The SEC filed its lawsuit against Schueler in July 2023, with a hearing scheduled for October 24, 2024.
The investigation is centered in Finland, where Schueler resides. Despite efforts, authorities in both Finland and the U.S. have been unable to locate him. Schueler, however, continues to be active online, posting on his YouTube channel almost daily.
Finnish authorities suspect Schueler of gross tax evasion, with his tax arrears potentially amounting to hundreds of millions of euros. In 2023, Schueler reported an income of 15.2 million euros ($16.9 million), significantly lower than what tax authorities estimate he owes. In addition to tax evasion, he faces an assault charge from an incident in 2021, though specific details about this charge remain undisclosed. In the U.S., the SEC is pursuing legal action against him, accusing him of raising over $1 billion through unregistered securities offerings with his crypto ventures and misusing funds for luxury purchases.
The Finnish tax authorities launched their investigation, which led to cooperation with international law enforcement agencies. Despite attempts to serve a subpoena in Helsinki, Schueler has evaded both Finnish and U.S. authorities. Meanwhile, he actively disputes the SEC’s claims, arguing he had no U.S.-based entities or activities. The case remains complex, involving cross-border legal issues and Schueler’s continued public defense through his social media presence.
