The Washington State Department of Financial Institutions (DFI) joins multiple other states in settlement with GS Partners after more than a year of negotiations.
Charges Filed Against GS Partners
DFI issued a statement of charges against GS Partners (including Swiss Valorem Bank Ltd., GSB Gold Standard Bank Ltd., Josip Heit, and Stephen McNeal) in November 2023 for violating the Securities Act of Washington. DFI found violations of securities laws and corresponding penalties in connection with their MetaCertificates offerings and multi-level marketing (MLM) scheme. The action was the result of a multi-state task force of several securities regulators in the U.S. and Canada.
How to File a Settlement Claim
DFI encourages Washington State residents who invested with GS Partners to file a claim at Gold Standard Bank Settlement Program (gsbsettlement.com). The site says the claim portal is expected to be live in early November and that the claims process will last 90 days.
DFI encourages investors to begin preparing documentation prior to filing a claim:
- Prepare to make your claim: Check your eligibility, gather documentation such as proof of identity, cryptocurrency wallet addresses used for transfers to/from GSB, any applicable transaction IDs, GSB wallet address you interacted with (if available), other documentation of your deposits and payments to/from GSB, and your outstanding balance with GSB, if any. A list of required supporting documents is available online.
- Submit your claim: Submit an electronic claim form with supporting documentation via the Claims Portal. If you are represented by an attorney, your attorney may submit the claim on your behalf. GS Partners will review your claim and supporting documentation to assess your eligibility for compensation.
- Accept your offer: Once GS Partners verifies your eligibility and the amount owed to you by GSB, the goal is to quickly pay you the verifiable amount in digital currency into a digital wallet address.
Have Questions?
If you have additional questions regarding GS Partners not available on the settlement site, please email investorcomplaints@dfi.wa.gov.