Finnish Police Seize $2.6 Million Worth of Luxury Watches from Hex Founder Richard Heart

Finnish police have recently seized a collection of luxury watches valued at an estimated $2.6 million from Richard Schueler, the founder of the controversial cryptocurrency Hex, who is wanted for tax evasion and assault charges in Finland.

Luxury Watches Seized by Authorities

On January 7, Finnish national broadcaster Yleisradio Oy (Yle) reported that police had confiscated 20 luxury watches from a residence in Espoo, a city near Finland's capital, Helsinki. The watches, predominantly Rolexes, are believed to belong to Schueler, who goes by the alias Richard Heart in the crypto world. According to estimates from a luxury goods expert and receipts recovered during the investigation, the total value of the seized watches amounts to approximately $2.68 million.

A significant portion of the watches had been purchased within Finland, while others were bought in the United States. Police were able to track down these valuable items through intelligence work, leading to the discovery of the collection at a property Schueler had abandoned.

Ongoing Legal Troubles and Fugitives List

Schueler, who has been under investigation for several months, was taken into custody by Finnish authorities on September 13, 2023, on charges of tax evasion and assault. However, authorities have been unable to locate him since his detention, and he remains a fugitive. A Red Notice for Schueler was issued by Interpol on December 22, 2023, prompting an international search. Additionally, Schueler is listed on Europe’s most wanted fugitives list, where more detailed allegations have been outlined.

The tax evasion charges relate to suspected financial misconduct between June 2020 and April 2024. Schueler is also accused of assaulting a 16-year-old victim in February 2021, with the attack allegedly involving dragging the victim by their hair, forcing them into a stairwell, and knocking them to the ground.

Financial Troubles and Allegations of Misuse

Schueler is suspected of owing “several hundred million euros” in unpaid taxes to Finland. In 2023, the Finnish government estimated his income at 15.2 million euros (roughly $16.9 million). Despite the gravity of these allegations, Schueler has continued to maintain a visible presence on social media, promoting his cryptocurrency projects, including Hex (HEX), PulseChain (PLS), and PulseX (PSLX).

In addition to his legal troubles in Finland, Schueler is facing charges in the United States. In July 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against him, accusing him of issuing unregistered securities through his companies and raising over $1 billion. The SEC further alleged that Schueler misused these funds to finance personal acquisitions, including a 555-carat diamond, luxury watches, and high-end automobiles.

Ongoing Investigations and Future Legal Challenges

While Schueler remains at large, authorities continue their search, focusing on both his financial activities and the legal charges pending in multiple jurisdictions. The seizure of his luxury watches by Finnish police marks another significant development in the ongoing investigation into Schueler’s business dealings and personal conduct.

As the situation evolves, Schueler’s continued promotion of his cryptocurrency projects and his social media presence may raise further questions about the extent to which he is attempting to maintain his public image amid mounting legal and financial pressures.