Georgia fines GSPartners, Josip Heit & Michael Dalcoe $500K
GSPartners (aka GSPro), owner Josip Heit and promoter Michael Lynn “El” Dalcoe have been fined $500,000.
The fine was handed down as part of an emergency cease and desist, issued by Georgia’s Commissioner of Securities on January 22nd, 2024.
As per an investigation by Georgia’s Commission of Securities, GSPartners, Heit (right), Dalcoe and Eric Ture Muhammad have committed securities fraud in Georgia.
On the basis of the investigation, the Commissioner has found grounds to conclude that Respondents have engaged in acts or practices constituting violations of the Georgia Uniform Securities Act of 2008.
In the order, six Respondents are named:
- GS Partners Global
- Josip Heit, a resident of Dubai, Romania and the UK, and Chairman of the Board and/or “control person” of GS Partners and other companies associated or affiliates with GS Partners, including GSB Gold Standard Pay Ltd, GSB Gold Standard Bank Ltd, Gold Standard Trade, Lydian World, G999 and GSTrade
- WealthBuilders Worldwide, aka WealthBuilders Global, a GSPartners downline group of investors
- Michael Lynn “El” Dalcoe, a Georgia resident, GSPartners Crown Ambassador and WealthBuilders admin
- Eric Ture Muhammad, a Georgia resident and members of WealthBuilders
- Swiss Valorem Bank, a GSPartners shell company with ties to Kazakhstan
At issue is GSPartners’ “MetaCertificates” investment scheme.
Respondents are not and have never been registered as broker-dealers or agents in the State of Georgia.
Respondents’ MetaCertificates are not and have never been registered as securities in Georgia and are not exempt from registration in Georgia.
The Commissioner finds that Respondents are conducting ongoing, unregistered broker-dealer activity, and the offer and sale of unregistered securities in Georgia.
As a result of GSPartners’ securities fraud, Georgia’s Commissioner of Securities deemed it necessary to issue an Emergency Order.
The Commission has determined it is in the public interest to issue this Emergency Order.
As per the order, GSPartners, WealthBuilders Worldwide, Swiss Valorem Bank, Josip Heit, Maichel El Dalcoe and Eric Muhammad have all been ordered to “immediately cease and desist” violating Georgia securities law.
The Commissioner has also imposed a $500,000 civil penalty, to be paid jointly by the GSPartners Respondents.
The GSPartners Respondents have thirty days from January 22nd to request a hearing on the order, after which it becomes final.
The $500,000 civil penalty is due thirty days from the date the order becomes final.
GSPartners rebranded to GSPro last month, following an avalanche of regulatory fraud warnings from eleven US states, Canada, South Africa and Australia.
A few days after the reboot, GSPro announced it was terminating all US investor accounts.
The status of funds invested into GSPartners and GSPro remain unknown. The funds are believed to have been laundered out of the US and other countries through various shell companies.
Finally,somebody directly turning the screws on Dalcock.
How’s it feel Mike?
And the noose keeps tightening. And here in South Africa one of the big media houses has started requesting for victims to come forward for interviews, most likely to be televised.
Ay, watch your mouth. Heit’s gonna wave his magic wand and make all this disappear. You’ll see.
Any day now…
Didn’t they recently have a bit on News24 to ride on the sports-personalities that shill this in SA as well?
Someone smart with legal stuff want to break down what all this means? I realize its not good. But curious what the “upline” will say, so wanted some facts prior to hearing from them.
I was told nothing will open in the US until all the cease and desist orders have expired. So I would guess at the bare minimum you can expect another 30 days before any US investor will be able to have hopes of getting their money.
They don’t expire. If they aren’t challenged (typically within 30 days), they become permanent orders. Most of the orders are now permanent, having been issued back in mid November.
This is why Heit paying lawyers to publish a “iT’s Ok GuYs, I hAvE a LaWyEr NoW!” press-release a few days ago was comical.
Bravo Georgia. gs partners have been treating 340+ million Americans like idiots with rebranding and so much more, after serious Cease and Desist orders late 2023.
The beginning of the end now.
So many names still to be added to the long list of gsp scammers. Great start, America.
And about time too!
I am so glad that Michael Dalcoe – the so called Christian turned Ponzi promoter – has finally been fined. But I suspect he has made much more than $500,000 from the Karatbars and GS Partners Ponzi Scams.
He should be serving jail time and assets/money seized.
His attempts to wipe clean his Youtube channel was hindered by the amount of videos featuring him that are uploaded onto other people’s channels.
The big question here is when will we finally see an arrest warrant issued for Heit?
The big question here is when will we finally see an arrest warrant issued for Heit??
That is correct and they all played innocent saying they were just paid for advertising.
@Possum
You won’t see the arrest warrant. If it hasn’t already, it’ll be issued under seal on the tail of an indictment – also filed under seal.
The warrant and indictment will be unsealed when Heit is randomly arrested at an airport.
Been a while since Heit showed his ugly mug anywhere but on a computer screen
Yes I understand they are not going away, but that is what the “upline” is communcating. That they are fighting the orders, supposedly Texas and Arizona have already backed off their orders after finding out their information was not accurate.
So the word the upline is telling customers is they are fighting the orders and should WIN.
Now at the bare minimum with a new state jumping on and jumping on hard. I’ll be curious to know what the upline will say.
Does anyone know when another call is going to happen?
Meanwhile 35 of the top promoters in South Africa are holding a 2024 strategy meeting in Durban tomorrow! Plan is to continue to flog GSP to the masses in SA and Abroad!
If they truly thought they would beat these orders they wouldn’t be hiding out in Dubai.
Speechless.
Alex Bodi has returned to Romania now though. I think Heit will be staying put for the forseeable future.
@Johnny5 you’re going to have to quit listening to the “uplines” of anyone in a scam. They are all saying things to hide the truth. Where is any evidence that Arizona and Texas are “backing off”? There is none. These orders are likely final already.
They’ve been lying about everything this entire time so why wouldn’t they be lying now? Oz has documented their lies on this website.
If they had any kind of win in court they would be publishing it because that’s the GS Partners MO.
Cool username by the way.
Well, this news made my day. I hope there is an avalanche fines issued followed by criminal indictments.
These guys will be looking to crawl under the rock the Petions are hiding under before too long.
They played stupid games. Now they can win stupid prizes, such as fines and C&D notices.
Much more to come. Happy to see these scammers entering their ‘find out’ era.
The US$500k fine is “jointly and severally”, so any one of those three may be pursued for payment of the full amount.
Hope the docket will show how they decided to split the bill on this one. Or who will be pushed under the bus…
Place your bets, odds are probably 50/50 for the US based (b)leaders as the “chairman of the board” is hiding out in expensive Dubai.
GS Partners is operating illegally. Therefore, none of the state or federal authorities will back off.
If Josip Heit wanted to run a legitimate investment bank or act as a broker, he could have registered with the Securities Exchange Commission, published audited financial reports, etc. The fact he hasn’t is what makes it illegal.
The uplines are just buying for time because they know they would be pursued by their downlines in any compensation claims.
Josip Heit is an organised criminal working in cahoots with Romanian Mafia.
Interesting, I found an article on Wayback Machine from 2021 alleging that GS Partners is a money laundering front and that Heit was being investigated in Germany for “promoting prostitution, extortion, coercion, promoting child prostitution, tax evasion and fraud”.
It described Heit as “the German head” of a criminal network that stretches from Bulgaria to Romania, the Balkans and Germany.
It also alleges that he has placed prostitutes into brothels controlled by the gang in Frankfurt and Stuttgart.
web.archive.org/web/20210515213831/https://josipheit.com/news/josip-heit-involved-in-dirty-human-trafficking.html
I believe he had the domain taken down and the owner taken to court (actually).
The site in question was run by the German Marvin Steinberg who was involved in Karatbars. View the page source of that archive and search for “steinberginvest.de”.
He just cloned his own site and replaced it with content he wrote about Heit. Steinberg is terrified of Heit.
I suspect Josip Heit has his fingers in all sorts of criminal pies.
His literal partner in crime is Alex Bodi of Romanian Mafia. Alex was arrested on suspicion of human trafficking women and running brothels.
A lot of the money they made from the Karatbars and GS Partners scams may very well be funding other organised crime as well as maintaining their lavish lifestyles.
About time for Georgia to act.
Now I understand why my Lydian Staters have fallen to nothing. Would like to have the money back I paid for them.
Haven’t been on their site in a year and a half, looked like a loser business model, so I took the bulk of my investment and sold it. And bought something with value.
Still have some NFT’s there.
Yeah that’s not how Ponzi schemes work. Sorry for your loss.
I would like to get all of my money back from karatbars when Joseph heit came aboard and GS partners, I’m glad I got out when I did.
Any updates from anyone’s “upline”
My person’s upline has not reached out to the group since Jan 19th, just relaying the lawyer information. Hasn’t reached out with real information since Jan 9th. This was after communicating daily up until Dec 22nd when the shut down started.
The last I heard they are starting up their weekly “training” meetings for members of the cult every Wednesday. It’s crickets in the telegram group I eves drop on from time to time. The up line is carrying on a monologue in there like nothing happened and it’s business as usual while getting no response what so ever. I think business has ground to a halt, at least in my neck of the woods.
Like I’ve been saying, securities fraud doesn’t go away. And the state fraud warnings don’t expire.
It’s easy to pretend nothing has happened when you’re hiding in Dubai. When you’re in the US, not so much.
I remember shortly after the first US fraud warnings came out Dalcoe put out a FaceBook post implying God was willing him to promote a Ponzi scheme.
I was going to do a write up but he deleted the post a few days later. Point is for anyone not at the top and having internally justified their scamming by hiding behind religion, GSPartners is done.
Yes I realize that US warnings dont go away. I was just curious what the upline was saying. They seemed confident about a month ago that these cases will be thrown out or won, and things will continue as normal. Or they will re-brand and continue on as normal.
I too think like you do Oz, that GSP is done in america. I’m not sure about other parts of the world.
As I stated, my friends upline was basically in communication daily until Dec 22nd. Claimed big great news on Jan 9th. And has not been heard from since then.
Over half of GSPartners’ investors are US residents. If they’re done there they’re done everywhere.
South Africa is about to become very Popular.
South Africa was a flash in the pan after Karatbars collapsed.
Historically GSPartners hasn’t been able to significantly grow anywhere but the US. Don’t think that’ll change. At least not before the indictments drop.
Is there anywhere with even half as well promoted base though? Like majority of their shillsquad are from there.
Outside of the four or five ass kissers (has anyone seen Bruce Hughes lately?), there’s not and hasn’t ever been much going on with GSPartners in SA. I don’t think I’ve ever seen it in the website traffic charts other than early on.
The SA component of Karatbars was the foundation of GSPartners. I guess they were more organized than Dalcoe, Hines and their US cronies.
By the time the US took off SA was stagnant. Hasn’t really changed much since.
Logically you’d think the SA ass kisser group would have been able to get GSPartners off the ground in SA. I mean Christ, if Clynton and Cheri Marks can do it how shit are Hughes, Eaton, De Gouveia and Earp-Jones?
They had to focus their efforts elsewhere while the US took off.
Now, when the opportunity is there to replace Dalcoe you’ve instead got Eaton sucking his own dick on FaceBook, De Gouveia sucking his own dick with PR spam, and Bruce Hughes and Earp-Jones in hiding.
Without the Romanian mafia telling them what to do, the SA clownsquad are just as lost as GSPartners’ investors.
That and the odd tour, and sportsmen… but yeah GSP’s pretty dead to rights.
If it’s helpful, there was a list of the top 20 in SA for Dec Floating around.
I am unsure if it’s in income or sales for the month next to their names.
facebook.com/groups/1095767051376857/permalink/1450684435885115/
Wonder when the uplines will call it over and done?
What typically happens when a ponzi burns out? Do they try to spin it off into something else?
I realize the obvious answer, more curious as to thoughts of.. If this is over and done in the US, whats the next order of business for GSP.. and more so what will the uplines tell their customers?
I can’t see this being done yet. Unfortunately Josip Heit has been afflicted with “Dubaitis” which can only be treated with lots of money.
SimilarWeb’s January stats are up. GSPro’s website traffic plummeted ~56% from GSPartners in December.
South Africa ranked fifth for Jan 2024, dropping 18% month on month.
Circling the drain. Newshounds are riding them in SA too.
I invested in this and it was my entire life savings. What a bunch of crooks! Hoping I can get my money back but hope they catch Josip.
Heard he ripped off thousands before in another scandal. Like to get updates. I am in AZ.
Karatbars was the prior scam Josip Heit (and several top leaders) were involved in; there he also was “chairman of the board” and lied a lot… all to milk the victims as much as possible. When that collapsed there was a little FreeBay scam before they rebooted into GSPartners.
GSPartners was fraud by design, it uses the same playbook as Karatbars…
Anyway, if you’re in Arizona: there are some specific recent articles on AZ taking action against GSPartners and earning against GSPro-network (the site/name replacement of GSPartners when their main sites went down).
Do report to authorities in AZ, as the legal action is ongoing against Josip Heit + 2 GSB entities and against Tannisha Glaspie (legal teams split, SVB not represented yet).
They are monsters! They had 90old senior citizens.. people putting their grandma s in..
I lost something but nothing compared to what others did.. join a class action suit it create one.. we want to see everyone get their money back!
Don t let them get away with this! There is a place in HELL for all of them!
Video from January 27, 2024.
share-your-photo.com/911c144907
youtube.com/watch?v=qkFBdM2WHjU
My husband, daughter and 2 of my friends and myself, invested thousands of our savings. We are hoping to get back our initial investment that’s all we would like to have.
They prey on those who don’t know much about Investments.
And the higher ups do not put any money in… they depend on the downline to invite family and friends, badgering you day and night. While they are collecting residual checks. I hope something can be done.