A crypto entrepreneur splurged millions of dollars in client funds on a billion-year old space diamond, rare Rolexes and a Ferrari, SEC says

• The Securities and Exchange Commission has cracked down on the cryptocurrency industry this year.
• This week, it filed charges against a crypto entrepreneur accused of illegally raising $1 billion in offerings of unregistered securities.
• Richard Schueler, aka Richard Heart, then used millions of his clients' money on "exorbitant luxury goods", per the SEC.

The Securities and Exchange Commission has just charged a crypto entrepreneur with illegally raising over $1 billion in unregistered token offerings, before splurging over $12 million of that on luxury goods for himself. 

Richard Schueler, known online as Richard Heart, spent customer funds on luxuries such as a white Ferrari Roma and rare Rolexes including a $550,000 Daytona "Eye of the Tiger" and a $800,000 GMT-Master II, according to the SEC lawsuit.