US SEC Urges Court to 'Proceed With Case Against HEX Founder'

IconCryptoNewsTerminal Staff22 Aug, 2024

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US SEC Urges Court to 'Proceed With Case Against HEX Founder'

The U.S. Securities and Exchange Commission (SEC) has urged a court to dismiss a request to dismiss its case against Richard Heart, the founder of the cryptocurrency project HEX. The SEC emphasized that "Heart's motion argues that the SEC cannot proceed with this action because Heart is a non-U.S. resident. But the location of a defendant’s residence is not a get out of jail free card for fraud." The SEC alleges that Heart used money raised from investors to buy luxury watches, cars, and diamonds. He has been charged with securities fraud and the unregistered offer and sale of securities. The SEC maintains that this is an SEC case no matter where Heart lives.

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