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SEC (The U.S. Securities and Exchange Commission) has reported that it has served process on HEX founder Richard Schueler, also known as Richard Heart, at his home in Helsinki, the capital of Finland. According to a filing in the U.S. District Court for the Southern District of New York on December 11, the SEC served process on Heart on October 31 through a substitute service of process. This method is an alternative that is used when service cannot be made directly to the defendant due to difficulties in locating the defendant.
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SEC ‘s Allegations Against Richard Heart
The SEC sued Heart in July, alleging that he made over $1 billion in profits from products called HEX, PulseChain (PLS), and PulseX (PSLX), which the agency alleges are unregistered securities.
What is PulseChain?
PulseChain is a blockchain project developed by Richard Schueler that offers a new approach to the crypto space. PulseChain coin is the native cryptocurrency of this network.
Heart’s Inaccessibility and Online Activity
The SEC noted that Heart has continued to be active online, despite keeping his location tightly concealed. Since the SEC’s status report in November, Heart has made over 40 Twitter posts about various crypto-related events.
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