SEC Initiates Legal Proceedings Against HEX Founder
Date: 2023-12-13 Author: Dima Zakharov Categories: IN WORLD
The SEC's legal pursuit of Richard Schueler, also known as Richard Heart, took a significant turn as the commission filed a lawsuit in the New York district court. According to the SEC, previous attempts to personally serve Schueler with a court summons had failed due to his elusive whereabouts in Helsinki, Finland. However, Schueler's evasive actions did not hinder his continued online activity.
The SEC disclosed that since September 13, they had made several unsuccessful attempts to reach Schueler through phone calls, text messages, and letters. Consequently, the regulatory body resorted to an alternative method, serving the legal documents through a substitute process.
In July, the SEC had already taken legal action against the founder of HEX, alleging that he had earned over $1 billion from the sale of HEX crypto assets, including PulseChain (PLS) and PulseX (PSLX), which the regulator considered unregistered securities. Schueler was accused of deceiving investors in the U.S. and abroad, misappropriating at least $12 million, which he spent on luxury items such as diamonds, high-end watches, luxury cars, and other extravagances.
Some crypto analysts, including DonAlt, share the SEC's belief that HEX tokens were designed with the clear intent of enriching the platform's founder personally. The legal battle between Schueler and the SEC promises to be a closely watched case in the cryptocurrency world.
