Richard Heart Reportedly Detained After SEC Court Win

Richard Heart, the cryptocurrency entrepreneur behind HEX, PulseChain and PulseX, was reportedly detained in Istanbul Wednesday under an Interpol Red Notice.

What Turkish Authorities Say Happened

Daily Sabah reported Wednesday that Turkish intelligence and police teams detained Heart, also known as Richard James Schueler, along with his wife at an address in Istanbul’s Beşiktaş district. 

Authorities seized a large amount of cash in different currencies, jewelry, firearms, drones and digital devices during the operation, according to the report.

Interpol issued the Red Notice in 2024 at Finland’s request over allegations of high-value cryptocurrency fraud. 

Turkish police had monitored Heart’s address through technical and physical surveillance before making the arrest.

The detention comes roughly 18 months after a federal judge threw out the SEC’s $1 billion fraud case against Heart.

How This Differs From the SEC’s Original Case

The SEC first sued Heart in July 2023, alleging he raised more than $1 billion through unregistered crypto offerings tied to HEX, PulseChain and PulseX. 

The agency also accused him of misusing at least $12 million in investor funds on luxury purchases, including sports cars, Rolex watches and a 555-carat black diamond called “The Enigma.”