GSPartners’ Arizona fraud hearing delayed to 2025
GSPartners’ scheduled September 16th hearing in Arizona has been delayed to January 2025.
The GSPartners securities fraud case is being handled by the Arizona Corporation Commissions’ Securities Commission.
Back on July 12th, a joint motion was filed advising the ACC’s Hearing Division the parties
are currently engaged in settlement discussions. Extending the filing deadlines would permit the parties to continue its discussions and potentially reach a resolution.
This motion saw some pre-hearing deadlines pushed back but not the actual hearing date.
On August 15th another joint motion was filed. This time the parties asked the scheduled September hearing be postponed.
The stated reason for the request was ongoing settlement negotiations.
Under the Commission’s Rules, a hearing may be continued upon a showing of good cause.
Good cause exists because the Division and the above-mentioned Respondents are currently engaged in settlement discussions.
The Division and most of the Respondents have reached a potential framework for settlement. However, additional time is needed to facilitate a global resolution.
Additionally, any resulting settlement may help resolve the matter with the remaining Respondent. Based on this, the Division and the Respondents to this Joint Motion respectfully request to continue the currently scheduled hearing.
Named respondents in the GSPartners Arizona fraud case are:
- Swiss Valorem Bank LTD;
- GSB Gold Standard Corporation Corporation AG;
- GSB Gold Standard Pay LTD, acting under the brand GSDEFI;
- Josip Heit; and
- Tannisha Glaspie
It is unclear who the sole respondent is that, so far, has not reached a preliminary settlement.
I’m also trying not to read too much into the “global resolution” wording. Pending additional fraud charges filed at the federal level, any settlement reached in Arizona would apply to Arizona only.
Given the serious nature of GSPartners’ alleged fraud in Arizona, it’s expected any settlement will include a permanent injunction, restitution and civil penalty.
Specifics however won’t be known till the parties finalize settlement. Failing which, a Status Conference has been scheduled for January 14th, 2025.
Update 15th January 2025 – The January 14th Status Conference was held as scheduled. From a Procedural Order issued later the same day;
The parties appearing at the status conference requested additional time to continue to work towards a settlement and requested to file a joint status report in 120 days.
IT IS THEREFORE ORDERED that the Division and Respondents GSB Corporation, GSB Pay, Mr. Heit, and Ms. Glaspie shall file a Joint Status Report by May 14, 2025.
The joint status report shall include a recommendation regarding further proceedings in this matter.
As Arizona is a participating state in the broader North American GSB settlement, as it pertains to GSB, associated companies and Josip Heit.
The North American GSB settlement does not include Respondent Tannisha Glaspie, which I believe is the referenced pending settlement between the parties.
As a point of interest it should be noted there has been no public movement on proceedings in the North American GSB settlement since September 2024.
If you’re wondering why Heit has been banging on about “loyalty” lately, here it is.
Can’t imagine who the “remaining respondent” is…
So in your opinion. If this settle occurs what happens next? And is that good or bad news for parties involved?
The ACC settlement I can speak on because I’ve probably covered over a hundred securities fraud related settlements over the years.
Beyond that it’s difficult to say. US regulatory and law enforcement investigations are non-public. They go public when they’re ready.
Uplines are passing word this is excellent news for GSP. Delay is because the US does not have whats needed to win in court, thus needing delay for more time to get that OR bend on a settlement.
Promise of payouts and even a possible re-start is being passed down from uplines.
The filings are literally public and I’ve quoted from them. But yeah, let’s all go with the scammers making it up as they go along.
US regulators aren’t going to legalize securities fraud. The sticking point in settlement negotiations will be how much the restitution + penalties are.
At the federal level this typically requires sworn financial statements. You can imagine why producing this information to the US govt might be a problem for Heit.
The ACC already presented its case with evidence when they issued the C&D. Remember, this was a collective investigation by the NASAA – they have/had plenty of evidence to draw on.
The hearing is for the respondents to argue why their securities fraud is legal. And for the ACC to respond.
The good thing about securities law is it’s established. There’s nothing grey here. Apply the Howey Test and watch the defense squirm.
It’s also funny how the “uplines” can’t predict what’s going to happen, but they quickly make up stuff based on what actually does happen (and quickly drop it and come up with new bs when they next update comes out).
Right. I’m not questioning you at all OZ. I come here because I trust your information. I was/am just passing along what the 2 different uplines are telling people.
My guess is now that his case has been pushed to January. The GSP deadline of everyone getting their money in September will be pushed back to that date as well.
All good. My comment was directed at you personally.
I’m surprised that GS Partners still has members given that it continues to be mauled by regulators. How does it linger on still?
GSPartners members = scammed investors when GSPartners exit-scammed them last December.
The only thing anyone cares about it recovering their losses. Math is math though, and that’s the sad part.
When money is sent to one of Josip’s companies, gsp, etc, where does that money go?
Where do you think it goes?
It goes into his pockets and to pay the promoters of all of his illegal companies. You are just made to think his companies are real. And there are enough of gullible people to believe they are real and that’s how he steals millions of dollars.
Josip Heit is currently in Marbella, having flown in via private jet. Looks like his passport hasn’t been flagged then…
Which passport?
Like “Emre Avci” recently found out, it’ll happen when they’re ready.
Let’s keep our fingers crossed!
@ OZ
Upline is claiming the court delay was caused by the states not having the info needed in order to win in court, not GSP. They have told members that all funds will be available by end of September. They are also eyeing a re-opening. Info has been passed from uplines that the delayed in court was a large win for GSP. They no longer think this will play out in court, and are expecting a very positive out of court settlement.
The reason why the positive news has not broken is to due to negotiations still occuring in the settlement, and NDAs.
Both uplines i am privy to have said the same thing. I’ll continue to pass on anything that may be of interest.
Anyone can go look up the filings and see there’s one defendant holding out on settlement.
Regulatory fraud settlements are public. There are no NDAs.
@ OZ
Im sorry I again come here for a lot of information.
What does there is one defendant mean? That is what is holding up the settlement?
the NDA the upline is referring to. Is they are claiming that there are negotiations on-going. There are “insiders” that know the info being discussed in these negotiation and they are the ones relaying the positive news is coming. They cant come out and speak on the matter because they have signed NDAs.
That seems like a lot to swallow, but thats whats coming from the upline. I’d love to know more information about the one defendant holding out and what that means.
The only people who are privy to settlement negotiations are the GSPartners defendants and ACC.
That must be what it is. GSP has told its members good news is coming. Favorable settlement coming that includes money being unlocked and a possible re-opening.
They are claiming the settlement and negotiations are going strongly in favor of GSP. They of course cannot and will not comment on it due to NDAs.
No US regulator is going to legalize securities fraud. The settlement negotiations will pertain to penalties, disgorgement and restitution.
Basically the schmucks putting out this information as making it up as they go along. They’ve been doing that since the first Canadian warnings were issued in early 2023.
The bigger the scam, the bigger whoppers “they” talk about re-opening, everybody going back to make big bucks.
You *may* want to look up how much **** was flung about when they closed the BIG scams, like ZeekRewards. “Regulators have no case, SEC lawyers admitted in private”, “We’ll hire our own lawyers!”, “It just (insert name) that mismanaged (insert excuse). If they fix that it’d reopen in no time!”
Don’t believe ANYTHING “they” say. It’s ALL motivated thinking, if not outright lies.
Arizona Telephonic Status Conference today as per the eDocket site:
edocket.azcc.gov/search/event-detail-search/item-detail/44074
Article updated with Procedural Order details from the Jan 14th hearing.