Richard Heart, founder of blockchain projects PulseChain and HEX, was served with a lawsuit by the U.S. Securities and Exchange Commission (SEC) on Oct. 31 for alleged fraud and unregistered securities sales.
In a Dec. 11 filing, the SEC detailed serving the lawsuit, adhering to Finnish law and the Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents. Heart resides in Helsinki, Finland. Heart was charged by the SEC on July 31, 2023.
The lawsuit accuses Heart, who operates under the entities Hex, PulseChain, and PulseX, of selling unregistered securities over a span of three years and misappropriating funds for personal use.
Fraud allegations
The SEC’s initial complaint on July 31 alleged that Heart defrauded investors and engaged in the unregistered sale of crypto securities through his entities. These entities, each with its native token, were collectively involved in raising over $1 billion.
The SEC highlighted Heart’s role as the controlling
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