The SEC is currently facing challenges in serving Richard Schueler, the founder of Hex and PulseChain, widely recognized as Richard Heart, with a lawsuit that alleges the sale of unregistered securities.
As per recent documentation, the SEC made a request in August for the Ministry of Justice of Finland to deliver the lawsuit to Schueler, who resides in Helsinki. However, there has been no confirmation that Schueler has been served.
A teleconference initially set for November 28 has been rescheduled to January 30, 2024, by Magistrate Judge Peggy Kuo, who is overseeing the case in the Eastern District of New York. The Eastern District justified its jurisdiction, citing that a significant number of the crypto asset transactions mentioned in the complaint occurred on Uniswap, a decentralized crypto asset trading platform with its developers headquartered in Brooklyn, New York.
The SEC’s legal action accuses Schueler of orchestrating unregistered securities offerings, amassing over $1 billion in funds since late 2019. The funds, according to the SEC, were allegedly used for extravagant expenses such as luxury cars, designer clothing, and the acquisition of a black diamond referred to as The Enigma.
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