Richard Heart Archives - Coin Engineer

SEC Won’t Refile Fraud Case Against Richard Heart!

Yigit Taha OZTURK — Wed, 23 Apr 2025 09:00:15 +0000

The U.S. Securities and Exchange Commission (SEC) has announced it will not refile its fraud case against Richard Schueler, better known as Richard Heart, founder of Hex. In an April 21 letter to Judge Carol Bagley Amon, SEC attorney Matthew Gulde stated: “The Commission does not intend to file an amended complaint in this matter.”

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The case was previously dismissed on February 28, after Judge Amon ruled that Heart’s activities were not explicitly targeted at U.S. investors, thus falling outside the SEC’s jurisdiction.

Heart Declares Victory Over SEC

Heart took to X (formerly Twitter) on April 22 to announce that HEX, PulseChain, and PulseX had fully defeated the SEC. He described the case dismissal as a major win for open-source software, cryptocurrency, and free speech, noting that “the SEC actually sued software code itself in this case.”

The SEC originally sued Heart in July 2023, alleging he raised over $1 billion through unregistered securities offerings via HEX, PulseChain (PLS) and PulseX (PLSX).

Despite Interpol issuing a Red Notice for Heart in December 2024, and allegations of tax evasion in Finland, the case has now been dropped without further filings—marking one of the rare complete losses for the SEC in crypto litigation.

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Interpol Issues Red Notice for Hex Founder Richard Heart

Yigit Taha OZTURK — Sun, 22 Dec 2024 14:00:53 +0000

Interpol has issued a Red Notice for Richard Heart, the founder of Hex, under his legal name Richard Schueler, on allegations of tax evasion and assault.

Allegations Against Richard Heart

The Red Notice, issued at the request of Finnish authorities, alleges that Heart is guilty of tax fraud between June 2, 2020, and April 2, 2024. It also accuses him of assaulting a 16-year-old victim, reportedly dragging the victim by their hair and knocking them down in a stairwell.

Though a Red Notice is not an international arrest warrant, it acts as a request for law enforcement agencies worldwide to locate and provisionally arrest the individual. The allegations were first detailed in a remand order issued three months ago, on September 13, 2024.

Heart Remains Active on Social Media

Despite the charges, Richard Heart has continued to remain active on social media platforms. In a recent X (formerly Twitter) post on December 21, he indirectly addressed the situation, saying:

“If the haters really wanted to get me down, they could raise more than the $27M I did for medical research.”

Heart further stated, “Nothing makes haters angrier than success. Every time they think of you, it reminds them how they’re not doing half what they could.”

Ongoing SEC Lawsuit

Heart is also entangled in a lawsuit with the SEC over the alleged unregistered offerings of Hex, PulseChain (PLS), and PulseX (PSLX). The SEC claims he raised over $1 billion through these token sales, touting them as “a pathway to grandiose wealth for investors.”

In August 2024, Heart requested the dismissal of the $1 billion lawsuit, but the SEC argued that it holds full authority to pursue the case.

As of this publication, Richard Heart has not publicly commented on the Red Notice or the ongoing legal challenges.

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SEC Pushes Back Against Richard Heart’s Motion to Dismiss $1 Billion Securities Lawsuit

Tanju Akbıyık — Fri, 23 Aug 2024 12:00:26 +0000

Declaring its jurisdiction and authority in the issue, the U.S. Securities and Exchange Commission (SEC) has angrily rejected Richard Heart’s request to dismiss its $1 billion securities action. Claiming he lived overseas and had no direct links to the United States throughout the relevant time, Heart, creator of Hex (HEX) and known by his true name, Richard Schueler claimed the SEC lacked jurisdiction over him.

The SEC responded in a reply dated August 22 that Heart had aggressively targeted U.S. investors using a variety of promotional activities, including an in-person interview in Miami and virtual visits to U.S.-based conferences. Emphasizing HEX, PulseChain (PLS), and PulseX (PLSX), all of which the SEC regards as unregistered securities, the SEC’s complaint focused on Heart’s operations directed especially toward U.S. investors.

The SEC also maintained its allegation that Heart used millions of dollars obtained from investors to finance personal luxury expenditures like watches, luxury automobiles, and the “largest black diamond in the world.” The regulator believed that by selling unregistered securities, Heart’s activities violated federal securities regulations.

Heart’s move to dismiss also claimed that because the SEC’s complaint included comments made on the blockchain and in promotional material, his free speech rights were violated. The SEC turned down this allegation, likening it to a bank robber claiming his rights were violated by mentioning him as saying “stick ’em up.”

The matter is set for a hearing on October 24 when both sides will further make their cases.

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