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Home»Regulation»State regulators secure full refunds for investors in $1 billion settlement with GSB Group
State regulators secure full refunds for investors in $1 billion settlement with GSB Group
Regulation

State regulators secure full refunds for investors in $1 billion settlement with GSB Group

2024-09-09No Comments2 Mins Read
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The Texas State Securities Board has reached a $1 billion settlement with GSB Gold Standard Corporation AG and affiliated entities known as GSB Group over its alleged illegal crypto offering, according to a September 9 press release.

The multi-state settlement guarantees full refunds regardless of products or services purchased, including digital assets such as the G999 token and Lydian World metaverse investments for more than 800,000 investors.

Settlement

The settlement includes claims related to various offerings such as the G999 token tied to physical gold, XLT vouchers tied to a skyscraper, and staking pools in the Lydian World metaverse.

AlixPartners LP, a firm with expertise in complex financial investigations such as the Bernie Madoff and FTX cases, will manage the claims process.

The settlement guarantees full reimbursement to investors in Texas and participating states for all fiat and crypto deposits at GSB Group and GS Partners.

Twelve US states are expected to participate, according to a release from the North American Securities Administrators Association (NASAA).

Texas Securities Commissioner Travis J. Iles stated:

“The securities markets continue to develop rapidly and many legitimate companies are using new technologies to develop advanced products and services, increase efficiency and contribute to overall economic development.”

Solution within a year

The investigations began in October 2023 and were coordinated by state and county securities regulators from Texas, Alabama, Arizona, Arkansas and Georgia.

Four weeks later, in November 2023, the relevant authorities took enforcement action to stop allegedly illegal offers and sales in their jurisdiction.

From September 9, the government agencies involved in the investigation will announce the execution of a term sheet for settlement. This will ensure that all other US state securities regulators, as well as some Canadian provincial securities regulators, can participate in the settlement on equal terms.

See also  Morgan Stanley Strategist Issues Macro Warning To Traders, Says Investors Fooled By Surge In Liquidity

Additionally, the Texas State Securities Board stated that the action aims to provide “significant financial relief” to affected investors.

NASAA Enforcement Committee Chair Amanda Senn, Alabama Securities Commission Director, and Vice Chair Joe Rotunda concluded:

“The resolution of this complex case will provide significant financial relief to investors. The settlement is an important reminder to every company and promoter to comply with securities laws.”

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Billion Full Group GSB investors Refunds regulators Secure settlement State
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