Atlanta – On Thursday, Secretary of State Brad Raffensperger announced updates to his investigation of GS Partners/GSB Group, and the successful enforcement action designed to make Georgia investors whole. In a commitment to transparency and accountability, Raffensperger announced that Georgia has received the largest share of claims made nationwide to date.
Last September, Raffensperger, in coordination with the Securities Division announced a settlement against GSB Gold Standard Corporation AG, a German entity operating in the financial and banking technology space. The settlement also names Josip Heit, the purported owner and Chairman, along with various affiliated entities under the GSB Group umbrella. As a result of this settlement, all Georgia investors who deposited funds with GSB Group or its affiliates will receive a return of their investments.
Georgia played a critical role in the investigation which began in October 2023 and examined various financial products marketed by GSB Group. These included several digital assets and other purported investments.
“As our securities markets rapidly evolve and many firms offer cutting-edge investments, there will also be a need to inform and educate the public. We’re here to bring these firms to the table and ensure that the public is getting a fair deal,” said Secretary of State Brad Raffensperger. “We take our oversight role seriously.”
As of today, 1,501 affected investors have submitted claims,121 of those claims coming from Georgians. At present, Georgia leads in both submitted and completed claims. According to the claims administrator, “Georgia’s winning right now.”
In January 2024, Georgia joined other state regulators in an enforcement action against GSB Group. Under this settlement, Georgians and residents of other participating jurisdictions who deposited funds with GSB Group will be eligible to receive the value of their deposits, less any withdrawals. This applies to all products and services offered by GSB Group, provided they were purchased directly from the respondents.
“This settlement should effectively make many, many Georgians whole,” added Raffensperger.
Secretary Raffensperger urges all Georgians who invested with GSB Group to contact the Securities Division at [email protected] for assistance with the claims process or to notify us that a claim has been filed. The Secretary advises Georgians to be weary of law firms or entities claiming to be connected to the settlement. The official settlement website can be found here.
“If you live in Georgia and purchased any product or service from GSB Group, please reach out to us as soon as possible. We can help you begin preparing for the claims process,” said Assistant Commissioner of Securities Noula Zaharis.
