{"id":476066,"date":"2025-04-23T12:15:17","date_gmt":"2025-04-23T11:15:17","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=476066"},"modified":"2025-04-23T11:29:34","modified_gmt":"2025-04-23T10:29:34","slug":"sec-cracks-down-on-new-198m-crypto-fraud-as-it-drops-case-against-hexs-richard-heart","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sec-cracks-down-on-new-198m-crypto-fraud-as-it-drops-case-against-hexs-richard-heart\/","title":{"rendered":"SEC cracks down on new $198M crypto fraud as it drops case against Hex’s Richard Heart"},"content":{"rendered":"

The US Securities and Exchange Commission (SEC) has filed fresh charges against a crypto scam operator, even as it closed one of its most controversial cases.<\/p>\n

This marks the SEC's first major enforcement update<\/a> under the newly appointed SEC Chair Paul Atkins.\u00a0<\/a><\/p>\n

The juxtaposition of cases, aggressive prosecution in one and total dismissal in another, depicts the agency's shifting strategy amid evolving crypto policies<\/a>.<\/p>\n

$198 million crypto fraud<\/h2>\n

On April 22, the agency announced<\/a> enforcement action against Ramil Palafox, the founder of PGI Global, for orchestrating a $198 million fraud involving cryptocurrencies and foreign exchange trading.<\/p>\n

According to the SEC, Palafox defrauded global investors between January 2020 and October 2021 by promoting PGI Global as a crypto asset and forex trading firm. He promised high returns on “membership packages” and rewarded participants who referred others in a model that resembled multi-level marketing.<\/p>\n

The complaint reveals that over $57 million in investor funds were misappropriated for personal luxuries, including Lamborghinis. The remaining funds were used to sustain the illusion of returns in a Ponzi-style payout system, which collapsed in 2021.<\/p>\n

Laura D'Allaird, head of the SEC's Cyber and Emerging Technologies Unit, noted that Palafox exploited investor trust using the crypto narrative. She said his claims of a proprietary AI-powered trading system were a fa\u00e7ade for what was ultimately an international securities fraud.<\/p>\n

The SEC seeks permanent injunctions, a ban on Palafox from future involvement in securities or crypto-related marketing schemes, and the return of misused funds with interest and civil penalties.<\/p>\n

SEC drops case against Richard Heart<\/h2>\n

While the SEC intensified action against one player, it officially dropped its lawsuit against Richard Schueler, also known as Richard Heart<\/a>, founder of Hex<\/a>, PulseChain, and PulseX.<\/p>\n

Heart announced<\/a> the development via X (formerly Twitter), celebrating what he described as a sweeping legal win.<\/p>\n

According to him:<\/p>\n

“The SEC walked away from some other cryptocurrency cases voluntarily, but this is the only case where the SEC lost and crypto won across the board, with a dismissal in court of every single claim the SEC brought.”<\/p><\/blockquote>\n

Heart framed the dismissal as a defense of open-source development and free speech, stating the SEC's attempt to sue software code could have caused long-term damage to the crypto and tech sectors.<\/p>\n

He stated:<\/p>\n

“The SEC actually sued software code itself in this case, claiming it could be an alter ego of a person. This would have set a terrible precedent and caused perhaps multiple billions of dollars of damage to the vital open source and free software industry that powers most of the Internet and your speech on it.”<\/p><\/blockquote>\n

The SEC's July 2023 case accused Heart of raising over $1 billion<\/a> through unregistered securities offerings. It also alleged that he misused investor funds for lavish purchases, including expensive watches and cars, while touting his project tokens as paths to wealth.<\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission (SEC) has filed fresh charges against a crypto scam operator, even as it closed one of its most controversial cases. This marks the SEC’s first major enforcement update under the newly appointed SEC Chair Paul Atkins.\u00a0 The juxtaposition of cases, aggressive prosecution in one and total dismissal in another, […]<\/p>\n","protected":false},"author":720,"featured_media":476079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,60793,29,77644],"tags":[76893,78571,74981],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nSEC cracks down on new $198M crypto fraud as it drops case against Hex's Richard Heart<\/title>\n<meta name=\"description\" content=\"The SEC seeks to return misused funds and impose a securities ban on the architect of a $198 million cryptocurrency fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/sec-cracks-down-on-new-198m-crypto-fraud-as-it-drops-case-against-hexs-richard-heart\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC cracks down on new $198M crypto fraud as it drops case against Hex's Richard Heart\" \/>\n<meta property=\"og:description\" content=\"The SEC seeks to return misused funds and impose a securities ban on the architect of a $198 million cryptocurrency fraud.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/sec-cracks-down-on-new-198m-crypto-fraud-as-it-drops-case-against-hexs-richard-heart\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-23T11:15:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-23T10:29:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/04\/pgi-sec-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/sec-cracks-down-on-new-198m-crypto-fraud-as-it-drops-case-against-hexs-richard-heart\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/sec-cracks-down-on-new-198m-crypto-fraud-as-it-drops-case-against-hexs-richard-heart\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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