The SEC aggressively opposed Richard Heart’s attempt to dismiss a $1 billion fraud case, arguing that his widespread promotion of unregistered digital assets like HEX, PulseChain, and PulseX directly targeted US investors.
The regulator’s Aug. 22 filing insisted that Heart’s actions fall squarely under US jurisdiction and that the evidence supports its claims of extensive securities fraud.
According to the SEC, Heart, also known as Richard Schueler, allegedly raised over $1 billion from investors worldwide by selling unregistered securities and then misappropriated millions for personal luxuries, including cars and what he called the world’s largest black diamond.
The complaint accuses him of violating key provisions of the Securities Act and the Securities Exchange Act and outlines how his fraudulent activities directly impacted US investors.
Grounds for jurisdiction
The SEC’s opposition filing comes in response to Heart’s…
