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
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
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
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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