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:

  1. GS Partners Global
  2. 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
  3. WealthBuilders Worldwide, aka WealthBuilders Global, a GSPartners downline group of investors
  4. Michael Lynn “El” Dalcoe, a Georgia resident, GSPartners Crown Ambassador and WealthBuilders admin
  5. Eric Ture Muhammad, a Georgia resident and members of WealthBuilders
  6. 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 statesCanadaSouth 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.