A new notice posted on GSB’s GSPro and Lydian World websites went live on January 21st.

As per the notice, the GSB victim claims process will begin on February 21st.

The claims process, through which GSPartners victims will be able to claim funds lost to any GSB investment scheme, will run until May 22nd. This is a hard deadline.

It should be noted that while this information is from GSB, AlixPartners, the third-party tasked with running the GSB victim claims process, has not confirmed the dates.

At time of publication there are thirty-five jurisdictions participating in the GSB settlement:

  1. Alabama
  2. Alaska
  3. Arkansas
  4. Arizona
  5. California
  6. Colorado
  7. Connecticut
  8. Delaware
  9. Washington DC
  10. Georgia
  11. Idaho
  12. Illinois
  13. Indiana
  14. Kansas
  15. Kentucky
  16. Maine
  17. Minnesota
  18. Mississippi
  19. Montana
  20. Nebraska
  21. New Hampshire
  22. New Jersey
  23. Oklahoma
  24. Oregon
  25. South Carolina
  26. South Dakota
  27. Tennessee
  28. Texas
  29. Utah
  30. Vermont
  31. Washington State
  32. West Virginia
  33. Wisconsin
  34. Alberta (Canada)
  35. British Columbia (Canada)

GSB claims that victims outside of these jurisdictions can apply for refunds directly to the company. To the best of my knowledge there has been no public confirmation of GSB victim refunds outside of the settlement process.

Of note is GSB noting their GSPro+ and DAO1 fraudulent investment scheme in the notice:

U.S. and Canadian customers cannot retain their certificates and earn interest or other rewards.

If anyone tells you otherwise, do not believe them.

U.S. and Canadian customers also cannot roll over into a new product. Products offered by GSPro+ and DAO1 will not be available to residents of the United States and Canada.

Again, if anyone tells you otherwise, do not believe them.

This platform will only be available outside of the United States and Canada.

GSPro+ and DAO1 are a continuation of the GSPartners fraudulent investment scheme.

Despite receiving global regulatory fraud warnings pertaining to GSPartners (Australia, South Africa, the Bahamas and New Zealand), GSB seems intent on continuing to defraud consumers outside of North America.

GSB has also published a statement which is at odds with official communications from NA regulators:

Upon completion of the settlement, the GSB entities and Mr. Heit will consent – without admitting or denying any violations of law or that any product offered by the GSB entities is a security – to cease-and-desist from offering or selling unregistered securities in the settling jurisdictions.

The settlement terms do not require the GSB entities or Mr. Heit to make any admissions of fact or law.

TSSB has previously confirmed once the refunds component of the settlement is complete;

Assuming the respondents successfully return deposits to clients as required by the term sheet, 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.

Pending any further updates we’ll keep you posted.