GSPartners @ BehindMLM

Washington’s Department of Financial Institutions has issued a fraud warning pertaining to GSPartners and owner Josip Heit.

GSPartners, owner Josip Heit and several executives have been issued an emergency cease and desist by the Texas State Securities Board (TSSB). The TSSB’s November 16th order names the following recipients;

The Texas State Securities Board has confirmed it is investigating GSPartners for “engaging in an international securities fraud scheme”. The disclosure was made in a November 9th emergency cease and desist order, pertaining to the collapsed BitSports Ponzi scheme.

I started BehindMLM almost fourteen years ago. Next April the site turns fifteen. After seeing an ad on TV that looked suspicious, I published a “review” of it on my then personal blog. That took off and soon enough I had readers requesting reviews of other MLM companies.

BehindMLM can confirm that GSPartners and owner Josip Heit are the subjects of multiple federal and state regulatory investigations in the US. Investigations we’re aware of include the CFTC, SEC and Alabama Securities Commission.

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:

Earlier this week it became apparent that GSPartners is on the road to collapse. This started with the disabling of weekly returns on Monday, swiftly followed up by a 50% withdrawal fee on Tuesday. Officially, GSPartners has fed investors baloney about a “downturn in the markets”. The actual reason for the collapse is far simpler.

GSPartners’ campaign to punish investors who withdraw continues. Less than 24 hours after disabling weekly ROIs, GSPartners has implemented a 50% withholding fee on all withdrawals.

GSPartners has disabled ROI payouts. Instead of addressing investors himself, GSPartners founder Josip Heit had Bruce Hughes deliver the bad news.

GSpartners has terminated an investor’s account after he publicly discussed withdrawal delays. GSPartners then threatened the investor with legal action if public discourse surrounding the delays wasn’t taken down.