GSPartners and NovaTech FX have been classified as “cryptocurrency scams” by the Massachusetts Attorney General’s Office.

As per a press-release issued earlier this week, GSPartners and NovaTechFX are among a list of scams the MA AG’s Office warns of having ties to criminal activity.

Criminals employ a variety of scams involving cryptocurrency.

Our Office, along with other law enforcement agencies, takes action to disable cryptocurrency scam websites.

In some cases, these websites are hosted by companies outside the U.S., which refuse to take the websites down.

Even when websites are disabled, scammers sometimes create new websites under different domains.

NovaTech FX is cited as operating from “novatechfx.com”. The domain was disabled following NovaTech FX’s collapse in February 2023.

As of February 2024, the outcome of an ongoing federal investigation into NovaTech FX and owners Cynthia and Eddy Petion remains pending.

The MA AG’s Office cites GSPartners as operating from “gsp.gold”. Presently this domain hosts a contact form and spiel about “blockchain and the metaverse”.

GSPartners is a fraudulent investment scheme run by Josip Heit (right).

In addition to Massachusetts, twelve other US states have issued GSPartners related fraud warnings.

  1. Texas described GSPartners as “various fraudulent investment schemes that are threatening immediate and irreparable harm”
  2. Washington described GSPartners’ MLM business as “fraudulent activity”
  3. Alabama claims GSPartners was “evading Alabama laws and making guarantees that are unrealistic”
  4. California described GSPartners as a “fraudulent crypto investment scheme”
  5. Kentucky asserted GSPartners “acted as an unregistered issuer of unregistered securities through its publicly available websites”
  6. Wisconsin described GSPartners as a “global fraud scheme”
  7. Arkansas claimed GSPartners is “perpetrating numerous fraudulent investment schemes that are threatening immediate and irreparable harm to investors”
  8. New Hampshire accused GSPartners of “fraud and deception”
  9. Arizona determined GSPartners’ threat to “public welfare requires immediate action” and
  10. Florida’s undercover investigation into GSPartners revealed “unlawful activities“
  11. Mississippi described GSPartners’ Ponzi scheme as the “offering and selling fraudulent (of) certificates tied to digital assets”
  12. Georgia fined GSPartners, Josip Heit and Michael Dalcoe $500,000 for securities fraud

An ongoing federal investigation into GSPartners and Heit is also underway.

Outside of the US, six Canadian provinces have issued GSPartners fraud warnings (British Columbia,  Ontario, Alberta (G999, GSTrade and GSPartners), Quebec and Saskatchewan), along with South Africa, Australia and New Zealand.

Following regulators around the world taking action against GSPartners, the scam rebooted as GSPro last December.

In a February filing in Arizona Heit conceded GSPro was a flop. Heit claimed, as a result of regulatory fraud warnings, his “entire business has been effectively shuttered”.

Earlier this month BehindMLM documented Billionico. We believe this was an attempt to provide a backdoor for US and Canadian investors to regain access to their GSPartners accounts.

The MA AG’s Office advises consumers

avoid people who offer to help you invest in cryptocurrency, especially if they claim high or guaranteed returns, [and] look online to see if the project has been flagged as a scam.

If an investment seems too good to be true, it probably is.

The MA AG’s Office recommends anyone who has invested in NovaTech FX and GSPartners:

  • report the crime to your local police department;
  • file a report with the FBI; and
  • if you live in Massachusetts, reach out to the MA AG’s Office for assistance.

If NovaTech FX ad GSPartners investors live outside of Massachusetts, they are advised to “contact the attorney general’s office in [their] state”.