The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division has announced its involvement in a multi-million dollar settlement involving GSB Gold Standard Corporation AG, a German-based company in the fintech and banking sectors, and GSB Gold Standard Bank LTD, commonly known as GS Partners. The settlement also includes Josip Heit, the principal and Chairman of GS Partners, and other related entities collectively referred to as the “GSB Group.”
GS Partners and its affiliates claim a substantial investor base of over 800,000 individuals across more than 170 countries, with transactions nearing $1 billion. They offered various investment products linked to both tangible and intangible assets.
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Elizabeth Bowling, the TDCI Assistant Commissioner of Securities, encourages Tennessee residents who have purchased any products or services from the GSB Group to contact the TDCI’s Division of Securities for assistance in preparing for the claims process. Affected consumers can reach out via phone at (615) 741-5900 or visit the TDCI website for further details.
The investment offerings were predominantly associated with digital assets and the metaverse, including the “G999 token,” which operates on a proprietary blockchain; “XLT Vouchers,” representing ownership interests in a skyscraper; and investments in a “staking pool” within the “Lydian World” metaverse.
Tennessee residents who invested in or deposited funds with GSB Gold Standard Corporation AG or GSB Gold Standard Bank LTD will be eligible to reclaim their investments or deposits, minus any withdrawals. The claims process is anticipated to commence in November, with investors having 90 days to submit their claims. The claims will be managed by AlixPartners LP, a firm experienced in handling large investment refunds alongside state and federal regulators.
The agreement mandates that the respondents return the full amount of all investments or deposits, in either money or cryptocurrencies, regardless of the product or service purchased from the GSB Group, GS Partners, or its affiliates.
Additional information on filing a claim will be provided by TDCI’s Securities Division as it becomes available. More details about the settlement are accessible on a website maintained by AlixPartners, which can be viewed here.
All interactions with the TDCI’s Securities Division are legally protected and confidential.
Source: Read Original Release