Key Takeaways:
- A settlement with U.S. and Canadian regulators ensures full compensation for investors in GSB Group’s alleged MLM scheme.
- Investors have 90 days to file claims, potentially recovering hundreds of millions of dollars.
- Fraud allegations against GSB Group and its CEO, Josip Heit, will be dropped as part of the settlement.
A settlement has been reached between U.S. and Canadian regulators and GSB Group, a German company accused of running a multilevel marketing (MLM) scheme involving cryptocurrency and metaverse assets like Lydian.World.
The settlement guarantees full compensation for U.S. and Canadian investors who suffered losses, with investors given 90 days to file claims.
State and provincial securities regulators today announced multi-million dollar settlement terms with Josip Heit, GS Partners, and its affiliates. Details: https://t.co/XyjKmnT6Mt pic.twitter.com/ypDNBfyk2n
— NASAA (@NASAA) September 9, 2024
The deal was brokered by regulators from 12 U.S. states and British Columbia.
GSB Group and its CEO, Josip Heit, won’t face penalties, and states will drop fraud allegations.
The settlement could return hundreds of millions of dollars to impacted investors.
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