The U.S. Securities and Exchange Commission (SEC) has announced that it has initiated legal proceedings against Richard Schueler, the founder of the HEX project, who is currently residing in Finland.

In a statement filed in the New York district court, the SEC clarified that it had previously been unable to personally serve Richard Schueler, also known as Richard Heart. The regulatory body was aware of Heart's location in Helsinki, but he has remained elusive to official notifications while maintaining an active online presence.

According to information from the SEC, starting from September 13th, several unsuccessful attempts were made to contact the violator through phone calls, text messages, and letters. As a result, the regulator decided to resort to an alternative method – serving a legal document in lieu of personal notification.

In July, the SEC filed a lawsuit against the founder of HEX, alleging that he had earned over $1 billion from the sale of HEX cryptocurrencies – PulseChain (PLS) and PulseX (PSLX), which were classified as unregistered securities. The SEC accuses Richard Heart of defrauding investors in both the United States and abroad, as well as using at least $12 million for the purchase of luxury items, including diamonds, elite watches, and luxury cars.

Several crypto analysts, including DonAlt, support the actions of the American regulator, believing that HEX tokens were designed exclusively for the personal financial gain of the cryptocurrency platform's founder.