GSPartners threatens FinTelegram over regulatory compliance failures
FinTelegram has received a legal threat for acting on GSPartners’ regulatory compliance failures.
As reported here on Behind and verifiable through their respective websites, GSPartners has received securities fraud warnings from multiple Canadian regulators:
- GSPartners, GSTrade, GSB Gold Standard Bank & fifty-two associated website domains from Quebec’s AMF on March 9th
- GSTrade from the Alberta Securities Commission on March 15th
- G999 from the Alberta Securities Commission on March 15th
- GSPartners from the Alberta Securities Commission on May 19th
- GSPartners and Swiss Valorem Bank from the British Columbia Securities Commission on May 30th
- GSPartners from Saskatchewan’s Financial and Consumer Affairs Authority on June 1st
- GSPartners and Swiss Valorem Bank from the Ontario Securities Commission on July 25th
As a result of GSPartners regulatory compliance failures, FinTelegram added GSPartners and owner Josip Heit to its blacklist.
In response to this, through the German law firm Irle Moser, GSPartners “threatened (FinTelegram) with lawsuits“.
In the letter sent to FinTelegram, Irle Moser claim financial fraud warnings from Canada are “irrelevant”.
The reasons given for the irrelevance of the Canadian regulators are rather incomprehensible.
Then the lawyers explain why, therefore, FinTelegram would have no right to put GSPartners or Heit’s other schemes on our Black Compliance List.
Despite Irle Moser’s “incomprehensible” logic, Canadian GSPartners fraud warnings are significant.
As tracked by SimilarWeb for September 2023, Canada is GSPartners second largest source of website traffic behind the US.
FinTelegram has directed Irle Moser to “to contact the Canadian regulators … and explain to them why you are unjustifiably on their warning lists.”
To hold FinTelegram responsible for reporting regulatory warnings is nonsense.
Keeping such blacklists is also in the interest of investor protection. Josip Heit is targeting a global audience of potential retail investors with his MLM scheme.
Anyone who acts so publicly with finance-based products must also face public criticism accordingly.
In an attempt to hide potential misconduct, Irle Moser additionally threatened FinTelegram if they published the received letter.
In order to prevent this from becoming known to the public, the law firm has forbidden us to publish the letter and to quote from it. Otherwise, legal action would be taken against FinTelegram.
So you threaten someone and threaten him again that measures will be taken if the threatened person reports the threat.
Could it get any worse? Possibly, the German Bar Association should take a look at this.
If FinTelegram wants to share Irle Moser’s letter, BehindMLM will report and publish it in the interests of consumer awareness.
Josip Heit (right) has not been seen in public since GSPartners first showed signs of collapse last month.
SimilarWeb’s tracking suggests recruitment of US investors has plummeted (down 29% in website traffic month on month). That said, as of September 2023 the US still made up 54% of GSPartners’ website traffic.
US authorities have yet to publicly confirm investigations into GSPartners and Heit.