The Securities and Exchange Commission (SEC) faces challenges in serving a lawsuit to Richard Schueler, also known as Richard Heart, the founder of Hex and PulseChain. The lawsuit alleges the sale of unregistered securities.
Legal Hurdles in Helsinki
The SEC sought assistance from the Ministry of Justice of Finland in August to serve the lawsuit to Schueler, who resides in Helsinki. However, as of now, there is no confirmation that Schueler has been served.
Teleconference Delayed to 2024
A teleconference, initially slated for Nov. 28, has been rescheduled to Jan. 30, 2024, as decided by Magistrate Judge Peggy Kuo. She oversees the case in the Eastern District of New York, which claimed jurisdiction due to crypto asset transactions on Uniswap, a decentralized trading platform with developers based in Brooklyn, as mentioned in the SEC's complaint.
Accusations of Unregistered Securities Offerings
The SEC's lawsuit accuses Schueler of raising over $1 billion through unregistered securities offerings since late 2019. Allegedly, he used the funds for extravagant expenses, including luxury cars, designer clothes, and a black diamond named The Enigma.
While legal proceedings unfold, the challenge in serving the lawsuit raises questions about the efficiency of the international legal process in such cases.