GSPartners, Swiss Valorem Bank and owner Josip Heit have received a securities fraud cease and desist from Arkansas.

As per the
Arkansas Securities Department’s November 22nd order
;

The Arkansas Securities Department … has received certain information and has in its possession certain evidence indicating that GS Partners Global, Swiss Valorem Bank and Josip Heit have violated provisions of the Arkansas Securities Act.

ASD’s investigation into GSPartners and Heit began in October 2023, as part of a wider joint operation between US and Canadian authorities.

As part of their particular investigation ASD spoke to at least one GSPartners’ promoter based in Arkansas.

On October 12, 2023, Staff identified a potential Promoter for GS Partners located in Arkansas, and subsequently initiated contact with the Arkansas Promoter on social media.

The Arkansas Promoter regulatory posts on various social media about GS Partners and opportunities for residents of Arkansas to invest with GS Partners.

During the Staff’s communications with the Arkansas Promoter, Staff affirmatively stated they were located in Arkansas.

The Arkansas Promoter touted the supposed investment success that GS Partners has provided investors.

The Arkansas Promoter stated that GS Partners and Lydian World pay daily and weekly returns to investors.

The Arkansas Promoter provided a blog link with additional information about GS Partners and exactly how a potential investor could get started making 5%-25% weekly.

When asked follow-up questions regarding the specifics of investing in GS Partners, the Arkansas Promoter would either redirect the conversation or not respond at all.

The Arkansas Promoter’s responses appeared to be scripted to encourage the use of, and to drive potential investors to, the GS Partners website.

The Arkansas Promoter provided no additional disclosures or information about the generation of returns through investing with GS Partners.

Disclosure failures from GSPartners itself are also noted in ASD’s order.

Specifically, that GSPartners fails to disclose to consumers the

identity of all officers, directors, and persons in control of GSPartners and other related entities;

business repute, qualifications and experience of all officers, director and persons in control of GSPartners and related entities;

physical location of the offices of GSPartners and other related entities;

assets, liabilities, revenue and other financial information for GSPartners and other related persons and entities; and

legal relationship, including the existence and material terms of any contracts or affiliations between GSPartners and other related persons and entities.

Various regulatory disclosure failures with respect to GSPartners’ certificates investment scheme were also noted, as well as the firm’s illegal use of the term “bank”.

Swiss Valorem Bank and GS Partners are using the term “bank” in the name of their investment platform and are touting traditional banking a

🤖 Quick Answer

What regulatory action did Arkansas take against GSPartners and Josip Heit?
The Arkansas Securities Department issued a cease and desist order on November 22nd against GSPartners Global, Swiss Valorem Bank, and owner Josip Heit for alleged violations of the Arkansas Securities Act. The investigation began in October 2023 as part of a joint operation between US and Canadian authorities, following identification of GSPartners promoters operating in Arkansas.

When did the Arkansas Securities Department begin investigating GSPartners?
The Arkansas Securities Department initiated its investigation into GSPartners and Josip Heit in October 2023. On October 12, 2023, staff identified a potential promoter for GS Partners located in Arkansas, which led to the subsequent investigation as part of a broader joint operation between US and Canadian regulatory authorities.

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