The Alabama Securities Commission (ASC) and four other state securities regulators recently entered a multimillion-dollar settlement with Josip Heit, owner of GS Partners Global.
The ASC said in a statement on Monday that Alabamians are owed their investment if they invested with GS Partners Global or any of its affiliates. Under the settlement, Heit and GS Partners Global have agreed to make investors whole by returning the amount invested minus any withdrawals. A website will be publicly available soon in order to start a claim, according to ASC.
The ASC issued a cease and desist order against Heit, GS Partners Global, and other promoters in November 2023. An investigation by the ASC found that Heit and GS Partners Global promoted unregistered investments through an international multi-level marketing program and acted as investment advisors or investment advisor representatives. The unregistered investments known as MetaCertificates were touted as certificates of deposit with over 300% returns. Investors were required to purchase the MetaCertificates using cryptocurrency.
GS Partners Global primarily targeted minority groups through in-person seminars at churches, hotels, and convention centers. The company also promoted MetaCertificates through online presentations through Zoom and Facebook Live, websites, and social media. The company claims that its investment deals were “the best opportunity on the planet,” a “gamechanger,” and an “industry disrupter.”
“Heit and GS Partners Global offered investors a number of digital asset products which are extremely risky and would have been disallowed as offerings by Alabama firms that are licensed,” ASC director Amanda Senn said.
To connect with the author of this story or to comment, email caleb.taylor@1819News.com.
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