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The US Securities and Exchange Commission (SEC) is struggling to serve Hex and PulseChain founder Richard Schueler, best known as Richard Heart, with a lawsuit, causing an appearance in court via teleconference to be postponed until Jan. 30 from Nov. 28.
Schueler, who resides in Helsinki, Finland, has been accused of raising more than $1 billion in unregistered securities offerings since the end of 2019. The SEC has also said that he misappropriated investor assets and defrauded investors.
Richard Heart Used Money To Fund Lavish Lifestyle
He also allegedly spent the proceeds lavishly on luxury cars, designer clothes, and a black diamond dubbed The Enigma.
The SEC requested in August that the Ministry of Justice of Finland serve the lawsuit to Schueler, according to a recent filing. Since then, however, the SEC has not received confirmation that the founder has been served.
Magistrate Judge Peggy Kuo is overseeing the case for the Eastern District of New York.
The Eastern District claimed jurisdiction because “many of the crypto asset transactions described herein took place on Uniswap, a so-called decentralized crypto asset trading platform whose developers are headquartered in Brooklyn,” according to the SEC’s complaint.
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