The U.S. Securities and Exchange Commission (SEC) claims its attempts to address HEX founder Richard Heart’s court appearance failed.
“To date, the Commission has not received confirmation of service of process on defendants in Finland under the Convention,” the document declared.
Recent court filings show that the US SEC is continuing its efforts to formally serve the lawsuit on HEX founder Richard Heart.
The SEC charged Hart with securities fraud on July 31. They claimed he raised $1 billion through the sale of unregistered securities.
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However, there are claims that Hart is currently residing in Finland. Moreover, the SEC is having difficulty contacting him for legal process of service.
“If service has not occurred by then. The Committee will move for alternative service. Pursuant to Rule 4(f) of the Federal Rules of Civil Procedure,” the filing states.
Exploring Alternatives to Serve Richard Heart
He promised investors “incentives and bonuses” and marketed the assets as high-yield blockchain “certificates of deposit,” according to the SEC. Investors can earn 38% annualized returns on Hex tokens staked over the long term.
However, court documents do not specify alternative methods of communication.
Meanwhile, various alternative service methods have been used recently.
Meanwhile, in July 2022, a UK judge approved the delivery of legal notices via blockchain.
This is because non-fungible tokens (NFTs) were used. The delivery method was to airdrop the lawsuit documents in the form of NFTs to a series of wallets.
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