ASC signs onto multi-jurisdiction settlement with GSB Gold Standard, GS Partners allowing Albertans to file a claim for a refund

CALGARY, AB, Jan. 23, 2025 /CNW/ - The Alberta Securities Commission (ASC), along with other provincial and U.S. state securities regulators, has participated in a multi-jurisdiction settlement with GSB Gold Standard Corporation AG, GSB Gold Standard Bank LTD and other affiliated companies and entities, referred to as "GS Partners,"¹ as well as the group's principal Josip Heit.

The investigation and settlement were led by other provincial and U.S. state securities regulators that had larger numbers of known investors in their jurisdictions. The ASC signed onto this settlement to protect the interests of Alberta investors who made an investment with GS Partners, as it allows Alberta investors to make a claim for a refund of all investments made with them. GS Partners has undertaken to the ASC to refrain from trading in Alberta in the future unless they comply with securities laws.

GS Partners claim to have over 800,000 investors from more than 170 countries and to be close to completing $1 billion in transactions. Many of the products offered to investors were tied to tangible and intangible investments, including digital assets and the metaverse, such as the "G999 token," a digital asset deployed on a proprietary blockchain; "XLT Vouchers," a digital asset representing ownership interests in a skyscraper; and investments in a "staking pool" in a metaverse known as "Lydian.World."

How to file a claim

Per the settlement terms, GS Partners will provide compensation to eligible investors by paying the difference between the value of their investments or deposits and the value of any withdrawals. The claims process will be managed by AlixPartners LP.

• In order to receive a refund, investors need to file a claim within 90 days of the claims process, which is expected to start on February 21, 2025.
• Information on how to file a claim can be found on the website managed by AlixPartners at gsbsettlement.com.
• Depending on how the investment was made, investors will be paid in either money or cryptocurrency.

The ASC gratefully acknowledges the working group of members of the North American Securities Administrators Association led by U.S. state securities regulators Alabama, Arizona, Arkansas, California, Florida, Georgia and Texas, as well as the British Columbia Securities Commission who investigated and negotiated the terms of the multi-jurisdiction settlement with GS Partners.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

For further information please contact: For media inquiries: Tanja McMorris, Senior Advisor, Communications, [email protected]; For investor inquiries: ASC Public Inquiries, [email protected], Toll Free 1.877.355.4488