The post SEC Faces Challenges in Serving Richard Schueler Lawsuit appeared on BitcoinEthereumNews.com.

Richard Schueler’s first court appearance has been postponed from November 28, 2023, to January 30, 2024. The Securities and Exchange Commission (SEC) is currently having trouble serving Richard Schueler. Peggy Kuo, Magistrate Judge, is overseeing the case for the Eastern District of New York and made the decision to postpone the teleconference. Richard Schueler, also known as Richard Heart, has operated three crypto-asset offerings, including Hex, PulseChain, and PulseX. Heart is a 43-year-old US citizen believed to live in Helsinki, Finland, as per the reports presented by the SEC. Background of the Case In July 2023, the SEC charged Richard Heart with various claims. It includes raising more than $1 Billion in three unregistered crypto asset offerings and defrauding investors with $12.1 Million to buy luxuries, including a 555-carat black diamond. The SEC filed a complaint in Brooklyn Federal Court, stating that Richard Schueler has attempted to sell his Hex token, PulseX asset trading platform, and PulseChain asset network on YouTube and other websites as pathways to grandiose wealth with the purpose of alluring users. Apart from this, he was charged for inflatable impossible returns to boost sales of his tokens. Additionally, he was accused of using investor’s funds on luxuries, including McLaren and Ferrari sports cars, four Rolex watches, and The Enigma. All these collectively cost 3.16 Million British pounds, equivalent to $4.28 Million then. He has violated the registration provisions of Section 5 of the Securities Act of 1933. The complaint also alleges that Heart and PulseChain violated the antifraud provisions of federal securities laws.  The complaint seeks injunctive relief, repayment of ill-gotten gains plus prepossession interest, penalties, and other equitable relief.  Challenges and Recent Developments  As per the latest reports presented by the US SEC, it has been unsuccessful after multiple attempts to persuade Richard Heart to…

---

Filed under: News - @ November 28, 2023 2:26 am