Following a settlement reached with US states earlier this month, AlixPartners has set up a website to process victim claims.

AlixPartners is a neutral third-party company, mutually agreed on to process GSPartners victim claims as part of the reached settlement.

Dubbed the “Global Standard Bank Settlement Program“, AlixPartners advises;

Eligible GSB customers will be able to submit claims through the Claims Portal beginning in the coming weeks. The Claims submission process will last 90 days.

The Claims Portal will be available soon. Check this website in a few weeks for the link to the Claims Portal.

The framework for the GSPartners (GSB) victim claims process, expected in “early November”, will see victims of the fraudulent investment scheme submit claims with supporting documentation.

We require supporting documentation to assess your eligibility for compensation based on your verifiable transaction history and outstanding digital currency balance with GSB.

We will only make one offer per user account. Investors with multiple accounts will need to file a separate claim for each account.

Note that once initiated, the GSPartners victim claim submission period will be 90 days.

Required supporting documents include:

  • proof of identity (any KYC materials provided to GSPartners and/or valid national ID);
  • an email address;
  • GSPartners account ID or username;
  • the claim amount, supported by “any and all GSB statements” and “proof of deposits, withdrawals, and other GSB transactions”;
  • all wallet addresses used to interact with GSB;
  • GSB wallet addresses interacted with; and
  • “information as to whether you have already sought or received compensation from GSB”

GSPartners victims can hire an attorney to file a claim for them but this is not a requirement.

You do not need an attorney to submit a claim. You are free to consult with an attorney and be represented by an attorney in filing your claim.

Note that if a GSPartners victim hires an attorney to file a claim, all communications with AlixPartners will be through the attorney.

If you are represented by an attorney in connection with your GSB account or outstanding balance, we can only communicate with you directly about technical questions (e.g., website questions).

Please route any other questions to us through your lawyer and we will communicate about your claim, including your offer, through your lawyer.

Once a GSPartners victim claim has been received it will then be processed by AlixPartners.

Eligible GSB customers who have successfully submitted a verified claim will be offered a payout, and, if the GSB customer accepts, GSB’s goal is to pay out their offer during or shortly after the Claims submission process.

It is unclear what happens if a GSPartners victim disputes the allowed amount attached to their claim.

Also unclear is whether GSPartners victims will be able to claim balances in their GSPartners backoffice.

The goal is for eligible GSB customers to receive compensation based on the difference between total deposits and total withdrawals, plus any outstanding balance in their GSB digital wallet as of November 16, 2023.

BehindMLM has reached out to AlixPartners for clarification on whether GSPartners backoffice wallet amounts can be claimed.

As of September 19th, ten US states have opted to participate in the GSPartners fraud settlement;

  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • District of Columbia
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Kentucky
  • Mississippi
  • Nebraska
  • New Hampshire
  • Oregon
  • South Carolina
  • Texas
  • Vermont
  • Washington State
  • Wisconsin and
  • British Columbia (Canada)

The settlement offer is available to all US states and Canadian provinces. If your state or province has not yet joined the GSPartners fraud settlement, you are advised to contact your state/province securities regulator for guidance.

The GSPartners victim claims process is part of the first component of the reached settlement.

Assuming GSPartners and owner Josip Heit (right) fund accepted victim claims, the second component of the settlement will result in entry of a new consented enforcement order.

GSB Group and Mr. Heit will consent to the entry of an enforcement order that concludes they illegally offered and/or sold securities that were not registered pursuant to state law.

The consent order will replace any prior administrative actions filed by state securities regulators in participating jurisdictions solely as those prior administrative actions relate to the respondents.

The second part of the GSPartners fraud settlement is expected to initiate in the first quarter of 2025. This assumes there are no hiccups with the GSPartners victim claim process.

 

Update 20th November 2024 – The GSPartners victim claim portal has been delayed to year end 2024.