As previously announced, GSB Gold Standard Corporation AG, hereinafter GSB Germany, founder Josip Heit, and certain affiliated companies, brands, and platforms have agreed to settlement terms with regulators in certain U.S. states and Canadian provinces.
No monetary penalties will be imposed as part of the settlement. Instead, Mr. Heit and the GSB entities have agreed to refund all eligible customers in the settling jurisdictions.
An independent claims administrator, AlixPartners, LLP, will accept claims from customers to determine eligibility for compensation.
Compensation will be calculated based on the value of total deposits minus total withdrawals.
More information on how to submit a claim is available at https://gsbsettlement.com/
Only residents of the settling U.S. and Canadian jurisdictions are eligible to participate in the claims process administered by AlixPartners.
If you are not a resident of one of the settling jurisdictions, you are not eligible to participate in the settlement claims process, and AlixPartners will deny your claim.
Currently, the settling jurisdictions are:
(1) Alabama, (2) Alaska, (3) Arkansas, (4) Arizona, (5) California, (6) Colorado, (7) Connecticut, (8) Delaware, (9) Washington, DC, (10) Georgia, (11) Hawaii, (12) Idaho, (13) Illinois, (14) Indiana, (15) Iowa, (16) Kansas, (17) Kentucky, (18) Maine, (19) Minnesota, (20) Mississippi, (21) Montana, (22) Nebraska, (23) New Hampshire, (24) New Jersey. (25) Nevada, (26) Oklahoma, (27) Oregon, (28) South Carolina, (29) South Dakota, (30) Tennessee, (31) Utah, (32) Vermont, (33) Washington State, (34) West Virginia, (35) Wisconsin, (36) Alberta, Canada, (37) British Columbia, Canada, (38) Manitoba, Canada, (39) Quebec, Canada, (40) Nova Scotia, Canada, (41) Ontario, Canada
Other jurisdictions may join prior to the end of the claims process.
U.S. and Canadian customers who are not residents of the settling jurisdictions should seek refunds directly from the company by submitting a request to [email protected]
Refunds for residents of settling jurisdictions will be prioritized over refunds for other customers.
This will be the only opportunity for U.S. and Canadian customers to seek refunds.
And there is no option for U.S. and Canadian customers except to seek a refund—either through AlixPartners or directly from the company.
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.
U.S. and Canadian residents will not be permitted to register.
Our compliance team has implemented security measures to block U.S. and Canadian residents from the platform.
It is important that everyone understands this restriction.
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.
The settling jurisdictions have agreed not to allege fraud or dishonest practices by Mr. Heit or the GSB entities, and any settling jurisdiction that previously alleged fraud or dishonest practices will withdraw, redact, or amend their prior filings to remove those allegations.
Related Legal news and updates:
JOSIP HEIT AND GSB GERMANY REACH SETTLEMENT WITH STATE SECURITIES REGULATORS
JOSIP HEIT AND GSB GERMANY RETAIN QUINN EMANUEL - Partners Alex Spiro and Avi Perry call all allegations "unproven accusations"
JOSIP HEIT AND GSB GERMANY RETAIN QUINN EMANUEL - Partners Alex Spiro and Avi Perry call all allegations "unproven accusations"
USA and Canada Settlement Refund:
This refund process will be announced, communicated and facilitated by a third party, namely Alix Partners LLC.
Any other refund requests can take place through [email protected]
All questions and queries can be sent to [email protected]