The SEC can’t get in touch with Richard Heart, now what?

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—by Protos Staff

Hex and PulseChain founder Richard Heart was scheduled to appear in court via teleconference on Tuesday, November 28 as part of a billion-dollar lawsuit by the Securities and Exchange Commission (SEC) — but a Sunday filing says the SEC has yet to properly serve him.

The SEC charged Richard Heart, née Richard Schueler, with civil fraud at the end of July. According to the commission, Heart and PulseChain defrauded investors by misappropriating funds — using at least $12 million to buy personal luxuries. Heart, PulseX, and Pulsechain have also been accused of committing a variety of legal violations, including offering unregistered securities to US investors.

Heart was meant to be served via the Ministry of Justice of Finland, since he resides in Helsinki. At press time, however, the SEC still hasn’t heard back.

“To date, the Commission has not received confirmation of service of process on Defendants in Finland pursuant to the [Hague Service] Convention,” a recent filing by the SEC read.

Richard Heart’s tokens tank as billion-dollar lawsuit looms

Read more: SEC charges Richard Heart and PulseChain with civil fraud

The teleconference has therefore been postponed to January 30, 2024 by the judge overseeing the case for the Eastern District of New York, Magistrate Judge Peggy Kuo. The SEC added that it will update the court about whether Heart has been served by December 15.

If the Ministry of Justice of Finland still hasn’t managed to carry out the deed, the SEC will “move for alternative service in accordance with Rule 4(f) of the Federal Rules of Civil Procedure.”

According to these rules, the SEC may attempt to personally deliver the summons to Richard Heart or send a courier that requires a signature.

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