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Home»ADOPTION NEWS»GS Partners Refunds Investors in 5 US States… Fraud Claims Dismissed
ADOPTION NEWS

GS Partners Refunds Investors in 5 US States… Fraud Claims Dismissed

By Crypto FlexsSeptember 10, 20242 Mins Read
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GS Partners Refunds Investors in 5 US States… Fraud Claims Dismissed
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The Texas Securities and Exchange Commission (TSSB) announced on Monday that it has reached an agreement with GS Partners, a company that offered a variety of cryptocurrency investments, to return 100% of the funds invested by investors in five U.S. states.

The TSSB said in a statement that after a multi-jurisdictional investigation, Texas, Alabama, Arizona, Arkansas and Georgia reached settlements with GS Partners owner Yosip Hite and his companies.

This means that GS Partners will repay investors’ money in full and there will be no monetary penalties in exchange for dismissing all civil lawsuits and investigations against the company. GS and Heit also agreed to stop offering unregistered securities in the state.

The agreement comes after U.S. state regulators took enforcement action against GS Partners last November. Blame A company that defrauds investors by misrepresenting the expected profits and risks of loss through cryptocurrency investments.

GS Partners, the umbrella name for more than a dozen affiliates owned by Heit, operated a marketing service that sold several cryptocurrency-related investments, including tokenized shares in a Dubai skyscraper and a virtual real estate metaverse project called “Lydian World.”

The latter metaverse project sold fractional ownership of virtual high-rise buildings within the metaverse. According to reports, it is guaranteed It offers investors up to 5% returns per week. GS Partners’ failure to meet its $175 million target for the token sale resulted in “significant losses” for investors, TSSB said in a report. Previous statement In November.

“We welcome this agreement,” Heit said. press release. “We are committed to refunding all eligible customers through the claims process. Our customers are always our top priority. Protecting our brand, reputation, and customers is our top priority.”

Other states beyond the five may be able to join the agreement on the same terms, according to Hite’s legal representative, Quinn Emanuel Urquhart & Sullivan, LLP.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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