The SEC has launched legal proceedings against the founder of HEX

[Brother]

The US Securities and Exchange Commission (SEC) said it has begun legal proceedings against HEX founder Richard Schuler, who is based in Finland.

In a statement filed in New York District Court, the SEC explained that the agency previously could not serve the subpoena personally on Richard Schueler, known as Richard Heart. The department knew that the man lived in Helsinki, but carefully concealed his whereabouts. Still, that didn't stop Hart from staying active online.

The SEC said that since September 13, it has made several unsuccessful attempts to contact the offender through calls, text messages and letters. Therefore, the regulator used an alternative option - a substitute for personal service of a court document.

In July, the SEC sued the founder of HEX, alleging that he made more than $1 billion from the sale of HEX crypto assets PulseChain (PLS) and PulseX (PSLX). The regulator called them unregistered securities. Hart defrauded investors in the United States and abroad, embezzling at least $12 million and using it to buy diamonds, luxury watches, luxury cars and other luxury items.

Some cryptanalysts, including DonAlt, agree with the American regulator. DonAlt is confident that HEX tokens were deliberately intended for the personal enrichment of the founder of the crypto platform.

 

[Friend]

Finnish law enforcement agencies have said that the founder of EX and PulseChain, known as Richard Hurd or Richard Schuler, is the subject of a criminal investigation on charges of gross tax evasion.

The police said that Richard Schueler/Heart created, launched and sold digital assets from Finland, grossly ignoring the norms of the country's tax legislation. Police suspect that Schuler, who lives in Helsinki on registration documents, did not pay several hundred million euros to the treasury.

"Schuler's tax returns do not match the Finnish Tax Administration's assessment of his income. In this case, we are talking about the provision of knowingly false information. Given the significant amount of tax arrears, as well as the long-term and planned nature of the activity, there is reason to suspect that Richard Schuler deliberately evaded taxes", said the detective of the Helsinki police (Harri Saaristola).

On September 13, the founder of EX and PulseChain was convicted in absentia. According to the court ruling, tax evasion on an especially large scale took place from June 2, 2020 to April 2, 2024. The police put Richard Schuler on the wanted list and noted that Finnish law enforcement agencies do not know his actual whereabouts.