The Ontario Securities Commission announced it will participate with other Canadian provincial and U.S. state securities regulators in a multi-jurisdictional settlement with GS Partners, its affiliated entities in the GSB Group, and the group’s principal, Josip Heit, establishing a compensation process for eligible investors. Under the settlement terms, GS Partners must return all money and/or cryptocurrencies deposited with it, with compensation calculated as the value of investments or deposits less the value of any withdrawals. Depending on how the investment was made, investors will be paid in either money or cryptocurrency, and GS Partners and its affiliates must also fund the costs of the claims process. The settlement follows investigations into alleged offerings tied to digital assets and the metaverse, including the G999 token, digital vouchers representing alleged ownership interests in a skyscraper, investments in a metaverse “staking pool”, and gamified “certificates”; GS Partners was added to the OSC Investor Warning List in July 2023. AlixPartners LP will manage the claims process, and investors seeking a refund must file a claim within 90 days of February 21, 2025.
Ontario Securities Commission 2025-02-12
Ontario Securities Commission joins multi-jurisdictional settlement requiring GS Partners to refund eligible investors
The Ontario Securities Commission and other regulators have settled with GS Partners and affiliates, including Josip Heit, to compensate eligible investors. GS Partners must return all deposits, with compensation based on investment value minus withdrawals, and cover claims process costs. The settlement follows investigations into digital assets and metaverse offerings, including the G999 token.