As per a July 31st order, the Texas State Securities Board has opted to
set aside its Apertum Foundation emergency order
.
The order, issued on March 20th, pertains to ongoing alleged securities fraud. In addition to Apertum Foundation, TSSB’s order named Josip Heit, Dirc Zahlmann, Bruce Innes Wylde Hughes and Dennis Christopher Loos as respondents.
As per the July 31st “set aside” order;
Respondents … set forth certain defenses, including that they have not offered or sold securities, they have not acted as dealers, they have not engaged in violations of the Securities Act, and the digital asset at issue in the Emergency Order (the Apertum or “APTM” token) is not a security.
In line with these defenses, Respondents have submitted information sufficient to conclude that a dismissal of the Emergency Order is warranted.
Accompanying TSSB’s “set aside” order is a Motion for Dismissal, filed with the State Office of Administrative Hearings on July 31st. This pertains to the
scheduled October Apertum fraud hearing
.
It should be noted that TSSB’s order doesn’t pertain to
DAO1
, a reboot of Josip Heit’s
collapsed GSPartners investment scheme
.
Beyond common ownership, the link between DAO1 and Apertum Foundation is DAO1 runs its unregistered investment opportunities through Apertum Foundation’s APTM and WAPTM cryptocurrencies.
The relationship is similar to GSPartners using G999 to run unregistered investment schemes.
While I can see why they went for it, my take is proving APTM was a security in and of itself was always a long shot. It’s the equivalent of all the GSPartners fraud warnings pertaining to G999 (or later tether), instead of GSPartners itself.
If you’re wondering why TSSB didn’t go after DAO1 in the same manner they went after GSPartners, it’s because the hard counter to that is “we don’t offer DAO1’s unregistered investment schemes to US residents”.
The premise TSSB ran with for Apertum Foundation is that US residents could still purchase APTM despite DAO1 geo-blocking the US.
I think the take-away here for anyone thinking TSSB dismissing its Apertum order somehow legitimizes DAO1’s unregistered investment schemes, is to ask why DAO1’s investment schemes remain unavailable to US residents.
DAO1 securities fraud warnings remain in place in
Australia
and
New Zealand
.
TSSB’s GSPartners fraud hearing remains scheduled for November 3rd to 6th.
🤖 Quick Answer
What is the TSSB emergency order against Apertum Foundation?The Texas State Securities Board issued an emergency order on March 20th alleging securities fraud involving Apertum Foundation, Josip Heit, Dirc Zahlmann, Bruce Innes Wylde Hughes, and Dennis Christopher Loos. The order concerned the offering and sale of the Apertum (APTM) token, which regulators initially classified as a security.
Why did the TSSB set aside the Apertum Foundation emergency order?
On July 31st, the TSSB set aside its emergency order after respondents submitted defenses asserting they had not offered or sold securities, had not acted as dealers, and had not violated the Securities Act. Respondents further argued the APTM token does not constitute a security under applicable law.
**What defenses did A
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