A new notice posted on GSB’s GSPro and Lydian World websites went live on January 21st.

As per the notice, the GSB victim claims process will begin on February 21st.

The claims process, through which GSPartners victims will be able to claim funds lost to any GSB investment scheme, will run until May 22nd. This is a hard deadline.

It should be noted that while this information is from GSB, AlixPartners, the third-party tasked with running the GSB victim claims process, has not confirmed the dates.

At time of publication there are thirty-five jurisdictions participating in the GSB settlement:

Alabama

Alaska

Arkansas

Arizona

California

Colorado

Connecticut

Delaware

Washington DC

Georgia

Idaho

Illinois

Indiana

Kansas

Kentucky

Maine

Minnesota

Mississippi

Montana

Nebraska

New Hampshire

New Jersey

Oklahoma

Oregon

South Carolina

South Dakota

Tennessee

Texas

Utah

Vermont

Washington State

West Virginia

Wisconsin

Alberta (Canada)

British Columbia (Canada)

GSB claims that victims outside of these jurisdictions can apply for refunds directly to the company. To the best of my knowledge there has been no public confirmation of GSB victim refunds outside of the settlement process.

Of note is GSB noting their GSPro+ and DAO1 fraudulent investment scheme in the notice:

U.S. and Canadian customers cannot retain their certificates and earn interest or other rewards.

If anyone tells you otherwise, do not believe them.

U.S. and Canadian customers also cannot roll over into a new product. Products offered by GSPro+ and DAO1 will not be available to residents of the United States and Canada.

Again, if anyone tells you otherwise, do not believe them.

This platform will only be available outside of the United States and Canada.

GSPro+ and DAO1 are a
continuation of the GSPartners fraudulent investment scheme
.

Despite receiving global regulatory fraud warnings pertaining to GSPartners (
Australia
, 
South Africa
, 
the Bahamas
 and 
New Zealand
), GSB seems intent on continuing to defraud consumers outside of North America.

GSB has also published a statement which is at odds with official communications from NA regulators:

Upon completion of the settlement, the GSB entities and Mr. Heit will consent – without admitting or denying any violations of law or that any product offered by the GSB entities is a security – to cease-and-desist from offering or selling unregistered securities in the settling jurisdictions.

The settlement terms do not require the GSB entities or Mr. Heit to make any admissions of fact or law.

TSSB has
previously confirmed
once the refunds component of the settlement is complete;

Assuming the respondents successfully return deposits to clients as required by the term sheet, GSB Group and Mr. Heit will consent to the entry of an enforcement order that concludes they illegally offered and/or sold securities that were not registered pursuant to state law.

Pending any further updates we’ll keep you

🤖 Quick Answer

What is the GSPartners victim claim process announced to begin on February 21st?
The GSPartners victim claim process is a formal procedure through which individuals who lost funds in any GSB investment scheme can submit claims to recover their losses. Announced via a notice on GSB's GSPro and Lydian World websites on January 21st, the process runs until a hard deadline of May 22nd.

Who is responsible for administering the GSB victim claims process?
AlixPartners, an independent third-party firm, has been tasked with managing the GSB victim claims process. However, as of the announcement date, AlixPartners had not independently confirmed the stated February 21st start date or the May 22nd deadline published on GSB's own platforms.

How many jurisdictions are participating in the GSB settlement?
Thirty-five jurisdictions are participating in the GSB settlement.

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