Five US states, including Texas, have reached a settlement with the operators of a purported $1 billion fake crypto operation. The case pertained to tokenized investments, encompassing fractional ownership of a skyscraper.
The Texas State Securities Board disclosed particulars of the settlement concerning Josip Heit and his firm, GSB Group. The offerings were crypto-backed real estate ownership, metaverse investments, and a token allegedly associated with gold awards. The fraud impacted “hundreds of thousands” of investors in the U.S. and Canada.
Investors will obtain complete refunds, excluding any withdrawals they may have executed. The settlement seeks to provide restitution to all impacted clients, including those who invested in GSB’s diverse products, including as crypto, educational programs, and tokenized assets.
The settlement procedure is anticipated to commence shortly, with authorities from Texas, Alabama, Arizona, Arkansas, and Georgia collaborating on the case. The principal objective is to contact as many impacted investors as feasible and assist in the restitution of their capital.
