The North American Securities Administrators Association (NASAA), has cited thirteen GSPartners enforcement actions as examples of US state regulators “fighting fraud”.
GSPartners
launched in 2020 and was a fraudulent investment scheme initially built around its G999 token. After
G999 collapsed sometime after 2022
, GSPartners switched to USDT and various other internal tokens.
GSPartners itself
collapsed
in late 2023. Citing GSPartners’ own marketing, NASAA has
pegged GSPartners investor losses worldwide at almost a billion
.
The GSPartners fraud cases were cited by the NASAA in a
September 17th letter
to the US House Committee on Financial Services’ Subcommittee on Oversight and Investigations.
Securities regulators routinely initiate enforcement actions to protect investors in their jurisdictions from all types of financial fraud and other misconduct.
Unfortunately, bad actors in our capital markets are skilled at using new technologies to defraud or otherwise take advantage of the investing public.
In the 2010s, they began to exploit distributed ledger technologies (DLTs), ultimately prompting state securities regulators in 2017 to initiate a coordinated effort to investigate and bring enforcement actions against frauds associated with uses of DLTs.
Since 2017, state securities regulators have taken over 330 enforcement actions involving fraud in the crypto ecosystem.
Broadly, the fraud underlying these cases pertained to securities offerings, trading platforms, investment advisory services, Ponzi schemes, and crypto mining.
NASAA groups the GSPartners enforcement actions as “crypto offering frauds”. GSPartners enforcement actions from
Alabama
,
Arkansas
,
Georgia
,
Kentucky
,
Arizona
(
Swiss Valorem Bank
),
New Hampshire
,
Mississippi
,
California
,
Texas
(
Billionico
,
dismissed July 2025
),
Washington
and
Wisconsin
are cited.
The “bad actor” behind GSPartners is Josip Heit (right).
Heit, originally from Croatia but believed to hold a German passport, now spends most of his time
in Dubai
.
North American regulators took action against GSPartners, parent company GSB Standard Corporation and Heit across 2023 and 2024.
Heit
settled with North American regulators
in September 2024.
Citing settlement terms violations and fraud,
Texas pulled out of the North American GSPartners settlement
in March 2025. GSPartners settlement negotiations with Texas were
reopened last month
.
Outside of Texas, the claim deadline for North American GSPartners victims (in participating settlement states) was May 22nd. There have been no public updates from third-party claims admin AlixPartners since.
On August 20th the Arizona Securities Commission
filed a Status Report
as part of GSPartners fraud proceedings;
The claims filing period closed on May 22, 2025, and the claims administrator is now reviewing the filed claims.
In addition to Arizona, there are approximately 45 other jurisdictions involved with the claims pr
🤖 Quick Answer
What enforcement actions have US states taken against GSPartners?The North American Securities Administrators Association (NASAA) cited thirteen GSPartners enforcement actions as examples of US state regulators fighting fraud. These cases were referenced in a September 17th letter addressed to the US House Committee on Financial Services' Subcommittee on Oversight and Investigations, underscoring ongoing securities enforcement efforts.
What was GSPartners and how did it operate?
GSPartners launched in 2020 as a fraudulent investment scheme initially built around its G999 token. After G999 collapsed sometime after 2022, the scheme transitioned to USDT and various other internal tokens before GSPartners itself collapsed in late 2023.
How much did investors lose through GSPartners?
According to NASAA, which cited GSPartners' own marketing materials, estimated investor losses worldwide reached almost one billion dollars.
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Josip Heit