Arizonans who purchased products, deposited funds, or transacted with GS Partners using platforms operated under GSB Gold Standard Corporation AG, GSB Gold Standard Pay, Ltd., and affiliated GS Partners companies may be eligible to recoup funds in a claims process.
The Securities Division of the Arizona Corporation Commission announced a framework for settlement in a case regarding Respondent Josip Heit, and Respondent entities, GSB Gold Standard Corporation AG and GSB Gold Standard Pay, Ltd., this week.
The parties have entered a term sheet that outlines certain terms and conditions that must occur before a consent order is finalized. The agreed-upon claims process gives Arizonans an opportunity to receive a return of assets deposited with GS Partners and/or GS Partners affiliated platforms.
Eligible customers may be able to recoup the value of their deposits with GS Partners, less the value of any withdrawals through a claims process administered by a third-party administrator, AlixPartners, LLP.
Once funds are successfully returned to eligible customers, Heit and the Respondent entities will enter a consent order that concludes they offered and/or sold securities that were not registered under state law.