SEC Faces Roadblocks in Billion-Dollar Crypto Lawsuit Against Richard Heart
The U.S. Securities and Exchange Commission (SEC) confronts hurdles in its billion-dollar lawsuit against cryptocurrency personality Richard Heart, known for his involvement with entities like Hex, Pulsechain, and Pulsex.
A recent court filing discloses the SEC’s struggles in serving legal documents to Heart, raising uncertainties about the trajectory of the case. Initiated on July 31, 2023, the lawsuit accuses Heart and his companies of violating U.S. securities laws, alleging the raising of over $1 billion through unregistered securities offerings. Complicating matters, Heart, also known as Richard Schueler, resides in Helsinki, Finland, making service attempts challenging.
Despite efforts starting on August 22, 2023, with assistance sought from the Finnish Ministry of Justice under the Hague Service Convention, the SEC has yet to confirm successful service. The delay, considered significant by the SEC, hampers legal proceedings and may prolong the resolution of the case. The SEC anticipates providing an update to the court by December 15, 2023, while exploring alternative methods of service if needed, highlighting the complexities of prosecuting international cases involving digital assets.
Clever Robot News Desk 28th November 2023
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