In a surprising turnabout, the U.S. SEC (Securities and Exchange Commission) is facing issues in its expensive billion-dollar lawsuit against crypto’s famous name, Richard Heart. The latest court filing has revealed that the Securities and Exchange Commission is yet to serve Heart successfully, complicating this very high-profile case.
Legal Impasse Delays Billion-Dollar Case Against HEX Creator Richard Heart
The legal battle of SEC with Heart took a very shocking turn. As per the court filing, the U.S. SEC came across issues in serving Heart legal documents. This event is raising multiple questions about the lawsuit’s progress and future, alleging Heart as well as his entities Pulsex, Pulsechain, and Hex of securities law violations.
Filed on 31st July 2023, the lawsuit places Heart in the middle of a very important legal dispute arising over the basic operation of his different entities in the crypto space.
The complaints of the SEC accused him, as well as his companies, of getting involved in various activities that breached the laws of U.S. securities, raising over a billion dollars via unregistered securities offerings.
As per the SEC, millions were put to use for funding expensive personal acquisitions of Heart. Heart’s real name happens to be Richard Schueler, who is a resident of Helsinki, Finland.
He has complicated the efforts of the SEC trying to serve him. The efforts towards saving Heart started on 22nd August 2023 when the Securities and Exchange Commission requested the assistance of the Finnish Ministry of Justice under the Hague Service Convention.
However, as per the recent filing, the Securities and Exchange Commission hasn’t received any confirmation of entirely successful services based in Finland. The regulator based in the United States informed the court that this is a significant delay, considering it is impeding the entire legal procedure prolonging the case’s resolution. The SEC is also expected to offer an update to the court by 15 December 2023 regarding their different efforts towards serving Heart.