American cryptocurrency millionaire Richard Schueler suspected of tax fraud and assault in Finland

Finnish police suspect Richard Schueler, an American cryptocurrency millionaire, of severe tax fraud and assault. Authorities believe he has failed to pay taxes on hundreds of millions of euros owed to Finland.

According to Harri Saaristola, the police investigator handling the tax fraud case, the suspicions are warranted given the significant amount involved and the prolonged, deliberate nature of his operations. Schueler, born in 1979, was absent when he was remanded in custody by the Helsinki District Court on September 13, suspected of serious tax fraud and assault. The alleged fraud reportedly occurred between June 2, 2020, and April 2, 2024, while the assault is said to have taken place from February 16 to February 17, 2021.

Police have been unable to locate Schueler, and his current whereabouts are unknown. In such cases, individuals are typically put on a wanted list, according to Saaristola.

Schueler gained media attention in Finland last November when he ranked 24th on the country’s tax income list. He is known as the founder of the Hex and Pulsechain cryptocurrencies and earned €15,247,314 last year, all from capital income. The tax fraud allegations do not involve his capital income.

The police suspect that his tax declarations do not match the actual income determined by the tax authorities, raising concerns about either neglect in reporting or providing false information. Individuals are generally liable to pay taxes in Finland if they reside there. Schueler is also under investigation in the United States for alleged dubious or criminal activities.

Reuters reported last summer that the SEC has accused Schueler of illegal fundraising exceeding $1 billion across three unregistered cryptocurrency offerings, in addition to allegedly defrauding investors of $12.1 million in asset purchases. The investigation in Finland was initiated following a request from the tax office and is still in its early stages, conducted in international cooperation. Schueler is also known by the name Richard Heard.