The Global Crackdown On Crypto MLM Scheme GSPartners (Now GSPro) Continues!

US regulators issue Cease and Desist order against crypto MLM scheme GSPartners and Josip Heit
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The drama continues. The crypto MLM scheme previously known as GSPartners, under the leadership of Josip Heit, has undergone a rebranding to GSPro towards the end of 2023. This move came in the wake of a series of fraud warnings and cease and desist orders issued by various U.S. and Canadian financial regulatory bodies. Most recently, BehindMLM reported that the accounts of GSPro investors in the U.S. and Canada are no longer accessible.

The Collapsing Scheme

MLM artist and GSPro operator Josip Heit
MLM artist Josip Heit

The Berlin-based law firm Irle Moser represents Heit, who has been at the center of these regulatory actions. Through Irle Moser, Heit and his GSPartners (now GSPro) have taken massive action against critics, with threats of legal action and injunctions. FinTelegram has also been a target of their silencing methods. These were virtually a prime example of SLAPP attacks. Ultimately, regulators in the U.S., Canada, Australia, and other regulatory regimes have made it clear that GSPartners is indeed operating illegally (without regulatory permission) and possibly fraudulently.

Following the regulatory warnings, GSPro has implemented a geo-blocking strategy, effectively barring Canadian investors from accessing its controversial “meta certificates” investment scheme. This action was brought to light by BehindMLM. This measure extends the December blockage of U.S. investors, indicating a widening net of restrictions against North American participants.

The website now displays a notice to visitors from Canada and the U.S., stating that GSPro will not engage in transactions with, offer services to, or accept funds from customers in these countries. Furthermore, it asserts that new registrations will be denied without appropriate “Know Your Customer” (KYC) documentation, with existing accounts from these regions—and those lacking proper KYC documentation—being closed.

Regulatory Warnings & Criminal Investigations

Commissioner of Securities State of Georgia issued Cease and Desist Order against Josip Heit and his schemes

So far, twelve US states have issued GSPartners and GSPro regulatory fraud warnings. Georgia was the latest U.S. state to take regulatory action against the scheme in January 2024, with the Commissioner of Securities imposing a $500,000 fine on Heit and leading U.S. promoter Michael Dalcoe following an internal investigation. Moreover, BehindMLM reports that at least two U.S. federal investigations into the scheme are underway.

Read more about the U.S. crackdown on GSPartners.

Six Canadian provinces have issued warnings against GSPartners for fraudulent activities. These provinces include British Columbia, Ontario, Alberta, Quebec, and Saskatchewan, with Alberta’s warning encompassing G999, GSTrade, and GSPartners. In a notable enforcement action coordinated between the U.S. and Canada, the British Columbia Securities Commission pinpointed Nitsa Nakos, a former Canadian resident believed to be instrumental in recruiting Canadian investors for GSPartners and GSPro. Following these warnings, Nakos reportedly relocated to Greece.

The regulatory actions are not limited to North America, with South Africa, Australia, and New Zealand also moving against the scheme.

Josip Heit Key Data

Trading namesG999, GSPartners, GSPro,
Swiss Valorem Bank, Kara
Business activityBlockchain-based payment system
https://gspartners.global offline
Related legal entitiesGSB Gold Standard Pay Ltd, Kazakhstan
Swiss Valorem Bank LTD, Kazakhstan
IBBP Pay Services LTD, Kazakhstan
GSB Gold Standard Pay KB, Sweden
GSB Gold Standard Bank Ltd, Mohéli
GSB Gold Standard Banking Corporation AG, Germany
GSB Gold Standard Corporation AG, Germany
GSB Premier Exchange Corporation Ltd, UK
GS Digital Partners LLC, Georgia
GSB Gold Standard plc, UK
GSB Asset Financial Ltd, UK
GSB Money Ltd, UK
CoinX24 AG, Switzerland
SVB & GSPartners Global Limited, Hong Kong
JurisdictionKazakhstan, Sweden, Germany
Mohéli, Georgia
AuthorizationFinancial Services & Payment provider in Kazakhstan
Related schemesSwiss Valorem Bank
Gold Standard (MLM scheme)
GSPartners (MLM operators)
Lydian.World (metaverse MLM)
Wealthbuilders Worldwide
Related individualsJosip Heit, Bruce Innes Wylde Hughes, Dirc Zahlmann
Tannisha Glaspie, Brian Cromley, Ruel Milson, Aline Lima,
Stephn McNeal, Michael Lynn “El” Dalcoe, Nitsa Nakos
Related law firmIrle Moser (Website)
Regulatory warningsOSC, BCSC, ASC, FCAA, MoneySmart, FSCA, FMA New Zealand
Alabama Securities Commission, Arizona Corporation Commission,
Arkansas Securities Department, California Department of Financial Protection and Innovation, Florida Office of Financial Regulation, Kentucky Department of Financial Institutions
New Hampshire Bureau of Securities Regulation, Texas State Securities Board,
Washington State Department of Financial Institutions,
Wisconsin Department of Financial Institutions, Commissioner of Securities State of Georgia
Compliance ratingBlack

Josip Heit, the founder and mastermind of GSPartners, maintains connections to Croatia, Germany, and Romania but is currently based in Dubai. The company has been silent on public platforms since January 2024, with no corporate communications addressing the U.S. or Canadian regulatory fraud warnings.

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If you have any information about Josip Heit and his activities, please let us know via our whistleblowing system, Whistle42.

CategoriesMLM Schemes

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