GSPartners (aka GSPro), owner Josip Heit and promoter Michael Lynn “El” Dalcoe have been fined $500,000.

The fine was handed down as part of an emergency cease and desist, issued by Georgia’s Commissioner of Securities on January 22nd, 2024.

As per an investigation by Georgia’s Commission of Securities, GSPartners, Heit (right), Dalcoe and Eric Ture Muhammad have committed securities fraud in Georgia.

On the basis of the investigation, the Commissioner has found grounds to conclude that Respondents have engaged in acts or practices constituting violations of the Georgia Uniform Securities Act of 2008.

In the order, six Respondents are named:

GS Partners Global

Josip Heit, a resident of Dubai, Romania and the UK, and Chairman of the Board and/or “control person” of GS Partners and other companies associated or affiliates with GS Partners, including GSB Gold Standard Pay Ltd, GSB Gold Standard Bank Ltd, Gold Standard Trade, Lydian World, G999 and GSTrade

WealthBuilders Worldwide, aka WealthBuilders Global, a GSPartners downline group of investors

Michael Lynn “El” Dalcoe, a Georgia resident, GSPartners Crown Ambassador and WealthBuilders admin

Eric Ture Muhammad, a Georgia resident and members of WealthBuilders

Swiss Valorem Bank, a GSPartners shell company with ties to Kazakhstan

At issue is
GSPartners’ “MetaCertificates” investment scheme
.

Respondents are not and have never been registered as broker-dealers or agents in the State of Georgia.

Respondents’ MetaCertificates are not and have never been registered as securities in Georgia and are not exempt from registration in Georgia.

The Commissioner finds that Respondents are conducting ongoing, unregistered broker-dealer activity, and the offer and sale of unregistered securities in Georgia.

As a result of GSPartners’ securities fraud, Georgia’s Commissioner of Securities deemed it necessary to issue an Emergency Order.

The Commission has determined it is in the public interest to issue this Emergency Order.

As per the order, GSPartners, WealthBuilders Worldwide, Swiss Valorem Bank, Josip Heit, Maichel El Dalcoe and Eric Muhammad have all been ordered to “immediately cease and desist” violating Georgia securities law.

The Commissioner has also imposed a $500,000 civil penalty, to be paid jointly by the GSPartners Respondents.

The GSPartners Respondents have thirty days from January 22nd to request a hearing on
the order
, after which it becomes final.

The $500,000 civil penalty is due thirty days from the date the order becomes final.

GSPartners 
rebranded to GSPro
last month, following an avalanche of regulatory fraud warnings from
eleven US states
, 
Canada
, 
South Africa
 and 
Australia
.

A few days after the reboot, GSPro announced it was 
terminating all US investor accounts
.

The status of funds invested into GSPartners and GSPro remain unknown. The funds are believed to have been laundered out of the US and other countries through various shell companies.

🤖 Quick Answer

What enforcement action did Georgia's Securities Commission take against GSPartners and its principals?
Georgia's Commissioner of Securities issued an emergency cease and desist order on January 22nd, 2024, imposing a $500,000 fine against GSPartners, owner Josip Heit, and promoter Michael Dalcoe for securities fraud violations under the Georgia Uniform Securities Act of 2008.

Who are the key individuals named in Georgia's securities enforcement action?
The enforcement action names six respondents including Josip Heit, a Dubai and Romania resident serving as Chairman and control person of GS Partners; promoter Michael Lynn "El" Dalcoe; and Eric Ture Muhammad, all found to have committed securities violations.

🔗 Related Articles

- GSPartners & Michael Dalcoe fraud C&D from Alabama
- 1501 GSPartners victim claims filed as of March 13th
- Auratus launches with new shell companies
- Auratus launches “Storage Boxes”, 3rd unregistered securities offering
- GSPartners “fraud and deception” C&D from New Hampshire