GSPartners’ scheduled September 16th hearing in Arizona has been delayed to January 2025.

The
GSPartners securities fraud case
is being handled by the Arizona Corporation Commissions’ Securities Commission.

Back on July 12th, a joint motion was filed advising the ACC’s Hearing Division the parties

are currently engaged in settlement discussions. Extending the filing deadlines would permit the parties to continue its discussions and potentially reach a resolution.

This motion saw some pre-hearing deadlines pushed back but not the actual hearing date.

On August 15th another joint motion was filed. This time the parties asked the scheduled September hearing be postponed.

The stated reason for the request was ongoing settlement negotiations.

Under the Commission’s Rules, a hearing may be continued upon a showing of good cause.

Good cause exists because the Division and the above-mentioned Respondents are currently engaged in settlement discussions.

The Division and most of the Respondents have reached a potential framework for settlement. However, additional time is needed to facilitate a global resolution.

Additionally, any resulting settlement may help resolve the matter with the remaining Respondent. Based on this, the Division and the Respondents to this Joint Motion respectfully request to continue the currently scheduled hearing.

Named respondents in the GSPartners Arizona fraud case are:

Swiss Valorem Bank LTD;

GSB Gold Standard Corporation Corporation AG;

GSB Gold Standard Pay LTD, acting under the brand GSDEFI;

Josip Heit; and

Tannisha Glaspie

It is unclear who the sole respondent is that, so far, has not reached a preliminary settlement.

I’m also trying not to read too much into the “global resolution” wording. Pending additional fraud charges filed at the federal level, any settlement reached in Arizona would apply to Arizona only.

Given the serious nature of GSPartners’ alleged fraud in Arizona, it’s expected any settlement will include a permanent injunction, restitution and civil penalty.

Specifics however won’t be known till the parties finalize settlement. Failing which, a Status Conference has been scheduled for January 14th, 2025.

Update 15th January 2025 – 
The January 14th Status Conference was held as scheduled. From a Procedural Order issued later the same day;

The parties appearing at the status conference requested additional time to continue to work towards a settlement and requested to file a joint status report in 120 days.

IT IS THEREFORE ORDERED that the Division and Respondents GSB Corporation, GSB Pay, Mr. Heit, and Ms. Glaspie shall file a Joint Status Report by May 14, 2025.

The joint status report shall include a recommendation regarding further proceedings in this matter.

As Arizona is a participating state in the broader North American GSB settlement, as it pertains to GSB, associated companies and Josip Heit.

The North American GSB settlement does not include Respondent Tannisha Glaspie, which I believe is the referenced pending settlement between the parties.

As a point of interest it should be noted there has been
no public movement on proceedings
in the North American GSB settlement since September 2024.

🤖 Quick Answer

What happened to GSPartners' Arizona fraud hearing scheduled for September 2024?
The Arizona Corporation Commission's Securities Division postponed GSPartners' September 16th securities fraud hearing to January 2025. A joint motion filed on August 15th cited ongoing settlement discussions between the parties as the reason for the delay, following an earlier July 12th motion that had already extended pre-hearing filing deadlines.

Why was the GSPartners Arizona hearing delayed?
The hearing was postponed because both parties were actively engaged in settlement negotiations. Joint motions filed in July and August 2024 requested extended deadlines and ultimately a hearing postponement, indicating potential progress toward a resolution without proceeding to a full administrative hearing before the Securities Division.

Which regulatory body is handling the GSPartners securities fraud case in Arizona?
The case is being handled by the Arizona Corporation Commission's Securities Division. The ACC is the state regulatory authority responsible

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