Richard Heart, founder of HEX, PulseChain, and PulseX, has been formally served with a lawsuit by the U.S. Securities and Exchange Commission (SEC).
The lawsuit, filed on July 31, 2023, alleges Heart of fraud and conducting unregistered securities sales through his blockchain projects.
According to the SEC's Dec. 11 filing, service of the lawsuit followed Finnish law and the Hague Convention, as Heart resides in Helsinki, Finland.
Heart is accused of raising over $1 billion through the sale of unregistered securities and allegedly misappropriating around $12 million for personal luxuries.