Turkey confirmed that Richard James Schueler, known publicly as Richard Heart and the founder of HEX and PulseChain, was detained in Istanbul on Oct. His wife and three bodyguards were also detained after an operation involving Istanbul prosecutors, police intelligence and financial-crimes units, and Turkey’s intelligence agency.
Authorities searched 15 addresses in Istanbul’s Beşiktaş, Üsküdar and Sarıyer districts. The searches also produced four long-barreled rifles, three unlicensed pistols and 1,400 rounds of ammunition. Judicial proceedings and examination of the seized materials were continuing.
Earlier Turkish media reports gave different figures, citing $4 million in cash and 64 watches. The confirmed inventory also differed from those initial accounts, underscoring that the seizure details changed as officials released additional information. Turkey had not publicly said whether it received an extradition request.
The detention followed an Interpol Red Notice issued in December 2024 at Finland’s request. The notice identifies aggravated tax fraud as the Finnish allegation; Finnish authorities have also linked Schueler to an assault allegation. Securities and Exchange Commission case alleged that Schueler raised more than $1 billion through unregistered offerings of HEX, PulseChain and PulseX and misused at least $12 million. A federal judge dismissed that case in February 2025 on jurisdictional grounds, and the SEC said in April 2025 that it would not file an amended complaint. That civil case is separate from the Finnish allegations underlying the Interpol notice.