According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has officially requested the Finnish Justice Department to serve a lawsuit to Richard Schuele, also known as Richard Heart, the founder of Pulsechain, PulseX, and Hex. The SEC submitted a letter to the U.S. District Court for the Eastern District of New York on August 22, 2023, stating that it had requested the Finnish Justice Department to serve the lawsuit to Richard Schuele and deliver it to Hex, PulseChain, and PulseX through him. However, the SEC has not yet received confirmation of service from Richard Schuele. The SEC's attorney will report to the court on the progress of the service by December 15, and if it has not been served by then, they will apply for alternative service. Meanwhile, the scheduled telephone conference on November 28 has been postponed to January 30, 2024.
According to The Block, the SEC has sued Richard Heart, the founder of Pulsechain, PulseX, and Hex, for allegedly selling unregistered securities. The SEC claims that he raised over $1 billion through the sale of project tokens. The SEC alleges that Hex, PulseChain, and PulseX violated federal securities laws by issuing and selling unregistered securities. Furthermore, Richard Heart deceived investors by misappropriating their assets.