Richard Heart Lawsuit Dismissed

On Friday, the US District Court for the Eastern District of New York dismissed the Securities and Exchange Commission’s (SEC) lawsuit against Richard Heart and his projects HEX, Pulsechain, and PulseX, due to the regulator’s failure to establish legal jurisdiction over the globe-trotting millionaire.

With that high-profile lawsuit resolved, many fans are concerned about his next battle with Europol.

Europol still lists Richard Schueler (his real last name) on its website of Europe’s Most Wanted Fugitives.

Reasons for Listing

European law enforcement alleges two reasons for his listing:
1. Heart committed personal and business tax fraud.
2. He physically assaulted a minor.

Interpol has aligned these reasons with a criminal Red Notice.

Ongoing Investigations

Heart is still wanted by both Europol and Interpol for personal and business tax fraud and assault. In 2024, Helsinki police began investigating Heart due to discrepancies between his self-reported income and estimates from Finland’s tax administration. Authorities suspect he underreported earnings since 2020 from crypto ventures like HEX, PulseChain, PulseX, or assets that back these tokens, such as ether (ETH) or tether (USDT).

These arrest notices are merely allegations and don’t imply guilt. Finland’s criminal justice system presumes defendants innocent until proven guilty beyond a reasonable doubt, as ratified by the European Convention on Human Rights.

Implications of SEC Dismissal

The dismissal of the SEC lawsuit won’t necessarily help Finnish prosecutors if they establish jurisdiction over Heart. Defense attorneys only need to convince a jury of reasonable doubt regarding criminal complaints to maintain Heart’s freedom during a trial.

The US District Court’s dismissal of the SEC lawsuit did not rule on its merits but indicated that the SEC’s claims were not sufficient to establish jurisdiction over Heart. Finnish authorities, however, allege that Heart resided in Finland and failed to file and pay taxes appropriately.