- SEC lawsuit against Richard Heart (Richard Schueler) was dismissed due to jurisdictional issues, not on merits of the case.
- Heart remains on Europol and Interpol’s wanted lists for alleged tax fraud and assault of a minor.
- Finnish authorities are investigating Heart for suspected tax evasion on cryptocurrency earnings since 2020.
The US District Court for the Eastern District of New York has dismissed the Securities and Exchange Commission’s lawsuit against cryptocurrency entrepreneur Richard Heart and his projects HEX, Pulsechain, and PulseX. The court ruled Friday that the SEC failed to establish legal jurisdiction over Heart, whose real name is Richard Schueler.
While Heart’s supporters celebrate this legal victory, the controversial crypto figure still faces serious allegations from European authorities. Europol continues to list Schueler on its Europe‘s Most Wanted Fugitives website, citing two primary allegations: personal and business tax fraud, and physical assault against a minor.
These same allegations appear in Interpol’s Red Notice for Schueler, indicating international law enforcement interest in apprehending him.
Helsinki police initiated their investigation into Heart in 2024 after discovering potential discrepancies between his self-reported income and estimates from Finland’s tax administration. Authorities suspect Heart of underreporting earnings since 2020, potentially from token sales related to his crypto ventures including HEX, PulseChain, PulseX, or various backing assets such as ETH, USDT, and USDC.
It’s important to note that these allegations remain unproven in court. Finland, which has ratified the European Convention on Human Rights, adheres to Article 6(2)’s presumption of innocence. Under Finnish law, prosecutors must establish guilt “beyond reasonable doubt” to secure a conviction.
The recent dismissal of the SEC’s lawsuit could potentially influence any future Finnish prosecution. According to the court’s dismissal order, the SEC’s reliance on “globally available internet content” that was “not expressly directed at the United States“ proved legally insufficient to establish jurisdiction over Heart.
Finnish authorities, however, base their case on different grounds, alleging that Heart resided in Finland while failing to file and pay appropriate taxes as a resident—a distinction that could prove crucial in establishing jurisdiction where the SEC failed.
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