People who invested in a cryptocurrency marketing program run by GSB Gold Standard Corporation can get all their money back.
Georgia Secretary of State Brad Raffensperger is encouraging Georgia investors to fill out the claim application to get 100% of their investments returned, with no strings attached.
“Normally people get back nothing. It’s gone,” Raffensperger told Channel 2 Consumer Investigator Justin Gray.
Last September, Raffensperger, in coordination with the Securities Division, announced a settlement against GSB Gold Standard Corporation AG, a German entity operating in the financial and banking technology space. The settlement also names Josip Heit, the purported owner and Chairman, along with various affiliated entities under the GSB Group umbrella.
As a result of this settlement, all Georgia investors who deposited funds with GSB Group or its affiliates will receive a return of their investments.
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GSB used promoters to market its crypto products in Georgia and across the country. The company’s website is now empty except for a link to information about the settlement agreement.
“We want to make sure that no Georgian loses their money There’s nearly 800 Georgians that invested in this,” Raffensperger said.
The Consumer protection team at the Secretary of State’s office is encouraging Georgians to do your research and consult with a trusted financial advisor before making big investments.
“If they’re not sure about a product, then learn about it. And if you’re not sure about it, even if you’ve done your research and talked to people, maybe that’s not the product for you,” said Noula Zaharis, Assistant Commissioner of Securities.
An independent claims administrator, AlixPartners, LLP, will accept claims from customers to determine eligibility for compensation. Compensation will be calculated based on the value of total deposits minus total withdrawals.
The claims process began on Feb. 21. The claims period will be open for 90 days, until May 22. All claims must be submitted by then. More information on how to submit a claim is available at https://gsbsettlement.com/.
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