The SEC hit back at Richard Heart’s bid to dismiss its lawsuit, claiming it has sway over him as his alleged illicit securities sales targeted the US.
The United States Securities and Exchange Commission has pushed back on Hex (HEX) founder Richard Heart’s bid to toss its $1 billion securities suit, arguing it has the full authority to bring the case to Heart.
“In his Motion asking the Court to dismiss all the claims against him, Heart disregards the well-pleaded allegations of the Complaint and the applicable law,” the SEC said in its opposing argument, filed in a New York federal court on Aug. 22 but dated July 8.
In a dismissal motion filed on Aug. 22 that was shared with the SEC on April 8, Heart — real name Richard Schueler — claimed the regulator has no sway over him as he “lives abroad and is not alleged to have set foot in the United States during the relevant period.”
