The Tennessee Department of Commerce & Insurance’s Division of Securities has announced the state’s involvement in a multi-million dollar settlement with GSB Gold Standard Corporation AG and GSB Gold Standard Bank LTD, collectively known as “GS Partners.” This German-based company, including its principal Josip Heit, is accused of misleading investors in the fintech and banking sectors.
Tennessee consumers who have invested with GSB Gold Standard Corporation AG or GSB Gold Standard Bank LTD are eligible to file claims to recover their investments, minus any withdrawals. The claims process is expected to open in November, and consumers will have 90 days to file.
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TDCI Commissioner Carter Lawrence emphasized the settlement as a measure against fraudulent schemes, commending national regulators’ efforts in protecting consumers. The investigation revealed that GSB’s investment offerings involved digital assets linked with a proprietary blockchain and the metaverse, including tokens and staking pools.
GS Partners targeted potential investors through seminars, online platforms, and social media, promoting their investment opportunities as revolutionary and promising substantial returns. The settlement requires the return of all invested funds, regardless of the product or service purchased from the respondents. GS Partners claims to have over 800,000 investors across 170 countries.
Further information on filing claims will be provided by TDCI’s Securities Division. Affected consumers are encouraged to contact the division for assistance in preparing for the claims process. All communications with the division are confidential by law. More details on the settlement can be found here.
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