The Financial and Consumer Services Commission of New Brunswick (Commission) has signed onto a multi-jurisdiction settlement with GSB Gold Standard Corporation AG, GSB Gold Standard Bank LTD (commonly known as “GS Partners”), its affiliates1 (together known as the “GSB Group”) and the group’s principal, Josip Heit, allowing New Brunswickers who invested with them to file a claim for a refund of their investment.
GS Partners and its affiliates claim to have over 800,000 investors from more than 170 countries and to be close to completing $1 billion in transactions.
The investigation and settlement were led by the British Columbia Securities Commission and U.S. state securities regulators that had larger numbers of known investors in their jurisdictions. GS Partners and its affiliates must return the value of their investments or deposits minus any withdrawals to investors and must also fund the costs of the claims process. GS Partners has undertaken to the Commission to refrain from trading in New Brunswick in the future unless they comply with securities laws.
The investments included in the settlement are:
Certificates (also known as “Metacertificates”), including Olympus, Elemental and Success series, through which purchasers were allegedly incentivized to add value to their certificates to unlock returns.
G999 token, a digital asset purportedly deployed on a proprietary blockchain tied to physical gold.
- XLT Vouchers, a digital asset purportedly representing ownership interests in a skyscraper.
- Investments in a so-called staking pool in a metaverse known as Lydian World.
Eligible investors can submit a claim anytime during the claim period from February 21, 2025 to May 22, 2025.
The claims process will be administered by AlixPartners LP. Information on how to file a claim can be found at gsbsettlement.com. Please note that the claims process information and portal are available in English only. Questions about submitting a claim should be submitted to AlixPartners at gsbsettlement@alixpartners.com.
1The entities, brands and platforms included in the agreement are: GSB Gold Standard Corporation AG; GSB Gold Standard Banking Corporation AG; GSB Gold Standard Corporation USA; GSB Gold Standard Pay LTD (brand name GSDeFi operating g999main.net); GSB Gold Standard Bank LTD dba GS Smart Finance, Gold Standard Partners, GSPartners, GS Partners, and GSP (marketing arm of the metaverse Lydian.World); GSB Gold Standard Banking Corporation PLC; GSB Gold Standard Pay Kommanditbolag aka GSB Gold Standard Pay KB; GS Trade; GSB Gold Standard Trade (virtual digital-asset platform for storing, transferring, obtaining, and exchanging digital assets); GS Digital Partners LLC; GSB Gold Standard B Corporation; GSB Premier Exchange Corporation LTD; GSB Gold Standard PLC; and GSB Money LTD.
The Financial and Consumer Services Commission of New Brunswick has the mandate to provide regulatory services that protect the public interest while enhancing public confidence, and to promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of financial and consumers services legislation for mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, the unclaimed property program, and a wide range of other consumer legislation. It is a Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.