On March 3, 2025, the US District Court for the Eastern District of New York threw out the Securities and Exchange Commission’s (SEC) lawsuit against crypto entrepreneur Richard Heart and his ventures—HEX, Pulsechain, and PulseX. The court ruled that the SEC couldn’t establish jurisdiction over the jet-setting millionaire, effectively ending the regulator’s high-stakes pursuit. For Heart’s supporters, this was a victory worth celebrating—but the champagne might have to stay on ice. Europol, Europe’s transnational police force, still has him in its crosshairs.
Richard Schueler—Heart’s legal surname—remains a prominent name on Europol’s “Europe’s Most Wanted Fugitives” list. Alongside this, Interpol has issued a Red Notice echoing the same charges: personal and business tax fraud, plus an alleged physical assault on a minor. These accusations stem from a Finnish investigation launched in 2024, when Helsinki police began probing discrepancies in Heart’s reported income versus Finland’s tax authority estimates. Authorities suspect he underreported earnings from his crypto projects—HEX, PulseChain, and PulseX—along with related assets like ether (ETH), tether (USDT), and USD Coin (USDC), dating back to 2020.
These are, of course, allegations—not convictions. Finland’s legal system, bound by the European Convention on Human Rights and its own Criminal Code, upholds a presumption of innocence. Prosecutors must prove guilt beyond reasonable doubt, a high bar that Heart’s defense could exploit if the case reaches trial. For now, no court has ruled him guilty, and the Europol listing is a wanted notice, not a verdict.
The SEC’s defeat might ripple beyond American shores. While the New York court didn’t assess the substance of the SEC’s claims—dismissing the case solely on jurisdictional grounds—the high-profile flop could plant seeds of doubt in a Finnish jury’s mind. The SEC had leaned on Heart’s “globally available internet content” to assert authority, but the court deemed it too vague, as it wasn’t specifically aimed at the US. Finnish prosecutors, however, claim a stronger hook: Heart’s alleged residency in Finland and failure to pay taxes as a resident. If they can prove he was domiciled there, their case might hold more water than the SEC’s.
Heart’s legal saga is far from over. While the SEC loss marks a win for the crypto mogul, Europol and Interpol’s pursuit keeps him on the run. For now, he remains a polarizing figure—celebrated by fans, hunted by authorities, and untouchable by at least one regulator.
Hidden Insight
The SEC’s failure to pin jurisdiction on Heart using “globally available internet content” could set a subtle precedent for other crypto entrepreneurs operating internationally. It suggests that decentralized, borderless projects might dodge US regulatory claws if they avoid explicitly targeting American markets—a nuance that might embolden founders to structure operations offshore while still reaching global audiences.