Trial | The US is chasing a crypto millionaire living in Finland – now he hired the top lawyers who defended Elon Musk

of the United States the crypto millionaire accused of fraud by the stock exchange authorities Richard Schueler has answered the charges after more than half a year of silence – with a letter from their lawyers.

The lawyers representing Schueler demand from the court a meeting before the actual hearing, and the dismissal of the charges.

The legal team includes one of the largest law firms in the United States, Quinn Emanuel Urquhart & Sullivan LLP.

The same office represented, for example, the main owner of Tesla and X Elon Musk in 2022. At that time, a group of investors in the company still known as Twitter sued Musk.

In 2018, the law firm represented the billionaire in a lawsuit over Musk’s tweet. Musk tweeted at the time that he plans to buy Tesla off the stock market at a price of $420 per share, and that he has financing secured to make a bid.

Quinn Emanuel law firm also represented cryptocurrency exchange FTX in a legal case against its founder Sam Bankman-Fried against last year.

There is a saying in the US lawyer upand now Richard Schueler can truly be said to have done so.

of the United States the stock exchange authority filed civil charges against Schueler in July.

According to the indictment, Schueler has illegally collected more than a billion dollars from investors by offering unregistered securities. In practice, it has been about selling hex tokens and pulsechain and pulsex tokens since 2019.

A token is a cryptocurrency created on top of a smart contract and its currency unit. They could be compared to stocks – except that they have no real-life counterpart on which to base their value. Their value is therefore mainly determined by the terms of supply and demand.

In addition, according to the SEC indictment, Schueler embezzled at least $12 million of funds collected from customers and used the funds to purchase luxury goods.

Lived in Helsinki for a long time Schueler became public in Finland on tax day in Novemberwhen his name appeared on the list of those who earned the most earnings and capital income here.

For a long time, Schueler avoided filing charges, which has delayed the trial.

In August, the SEC made a formal assistance request to the Finnish Ministry of Justice, so that the Finnish authorities would help deliver the indictment. In Finland, the bailiff of the Helsinki District Court did not reach Schueler, so the papers were delivered as a substitute service, so to speak.

According to the lawyers, the charge also has no legal basis, because Schueler has not lived or worked as an entrepreneur in the United States for more than a decade.

Schueler’s lawyers say the indictment is just part of a campaign against cryptocurrencies by regulators.

Shueler is also known in public as Richard Heart, which is the name the lawyers use in their letter about him.

Lawyers say Schueler has merely exercised his constitutional freedom of speech to advocate for these technologies while accurately describing the risks of investing in them.

According to the lawyers, the charge also has no legal basis, because Schueler has not lived or worked as an entrepreneur in the United States for more than a decade. According to them, the case also does not involve companies operating in the United States, employees, bank accounts, money transfers or other reasons why the case could be handled in the United States.

The lawyers also appeal to the fact that the indictment has not even been officially served, “because dropping papers at a Finnish police station is not a valid service of summons.”

SEC representing attorney responded to the court with his own letter.

It states, among other things, that the Ministry of Justice of Finland has submitted a certificate of the delivery of documents in the manner approved by the Hague Convention.

The SEC also uses previous case law to justify why Schueler could be charged in the US after selling securities to US citizens and targeting them with marketing.

Contrary to what Schueler claims, according to the response, the SEC is also not seeking to limit free speech or prevent discussions about cryptocurrencies. Instead, the SEC’s job is to enforce securities trading laws, which Schueler is accused of violating.

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