YouTuber buys the world's largest black diamond with the proceeds of a $1 billion crypto fraud

The SEC alleges that Richard Heart used investor funds to buy cars, watches, and other luxury goods

Highlights

Richard Heart is accused of using $12 million in unregistered crypto money to buy luxury goods.
The SEC filed a lawsuit against him in New York federal court.
The lawsuit alleges that he used at least $2 million on Rolex watches and sports cars.
Heart invented the little-known cryptocurrency Hex, which he invented, and raised more than $1 billion through his three companies.
The move comes less than a year after the FTX CEO Sam Bankman-Fried was accused of running one of the biggest financial frauds in American history by the SEC and the U.S.
Justice Department.

Read the original article