In the past three years, GSPartners (aka GSB Gold Standard), one of the most controversial crypto projects worldwide, has been in sharp decline, while its founder Josip Heit faces a growing scandal that could land him in prison.
According to Inview, what started as a promise of passive income from «investments in crypto and real assets» has turned into a series of regulatory lawsuits, legal documents, and obligations to refund money. And – billions in losses for hundreds of thousands of investors who believed in yet another fairy tale of «easy money.» At the forefront of this is the founder and chairman of yet another crypto pyramid – Josip Heit, a symbol of a failed global scheme.
Josip Heit is far from an unambiguous figure in the world of network marketing and cryptocurrencies. The range of materials about him is extremely polarized: from praise for his expanding business projects to accusations of fraud, ongoing legal disputes, and serious issues with money laundering. So, who really is Josip Heit, and what are the allegations against him?
Who is Josip Heit and what are GSPartners and MetaCertificates?
Josip Heit is a public figure and the declared founder and chairman of a group of companies under the GSB/GS Partners brand, which sold so-called «MetaCertificates» and other «crypto projects» through an international MLM network.
Since the end of 2023, dozens of regulatory actions have been taken against GSB/GSPartners and Heit himself in the USA, Canada, and several European jurisdictions (emergency orders, bans, multi-state agreements, etc.).
In public materials, Heit positions himself as an entrepreneur and the founder of GSB Gold Standard Corporation AG. On his personal website and in press releases, he appears as a leading figure and advisor in other projects (Apertum, etc.).
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
At the same time, a number of investigative publications and independent reviews indicate that Heit previously operated under different surnames and names (materials mention Josip Curic), and that his businesses are a network of legal entities and brands: GSB Germany, Swiss Valorem Bank Ltd., GSB Gold Standard Bank Ltd., Wealthbuilders, and so on. Their structure and names changed as authorities pursued them. In fairness, it should be noted that these materials should be read with caution — some information is not confirmed by court rulings.
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
The product that gained the most publicity – MetaCertificates (sometimes referred to as «staking,» «MetaCoin,» «MetaCertificates»). GSPartners offered so-called «MetaCertificates» — digital «investment products» promising fixed returns: according to data from one regulatory investigation, profits of 2.5–5% per week «in addition to a monthly return of 1.5% per month.»
Users were encouraged to deposit funds, supposedly under the management of a «currency broker» or «bank,» with promises of investments in real assets, forex, or a «tokenized economy.»
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
At the same time, the scheme operated as network marketing (MLM): recruiters were paid commissions for attracting new investors. This hybrid – promises of high returns plus multi-level recruitment – has long been considered a hallmark of financial pyramids and classic Ponzi schemes.
Operations were conducted through international marketing: local partners recruited clients in exchange for commissions, promising passive income and «unique» investments in real assets or forex. Regulators deemed this not only an investment product but also an element of a multi-level structure with characteristics of a classic pyramid.
It cannot be said that the authorities of the countries where Josip Heit operated did not respond. At least, this is not the case with the authorities of developed countries. For instance, in November 2023, regulators in the USA and Canada, including the California Department of Financial Protection and Innovation (DFPI), issued so-called desist-and-refrain orders against GSB / GSPartners – on charges of selling «unqualified securities» through MetaCertificates and making misleading statements.
At the same time, according to data from the Texas State Securities Board (TSSB), an emergency enforcement action was initiated to halt the scheme due to the risk of «immediate and irreparable harm» to investors.
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
By March 2023, in Canada, for example, the province of Alberta officially added the G999 token, associated with GSPartners, to its list of warnings about potential fraud.
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
In other words, regulators immediately recognized the model as suspicious, with signs of selling unregistered securities, MLM practices, and promises of unrealistic profits.
Concession and settlement: Payments instead of criminal charges
Despite serious allegations, in September 2024, Josip Heit and GSB Germany (GSPartners) announced a «multi-state» agreement with regulators from several US states. Under this settlement, Josip Heit and his companies agreed to cease offering and selling MetaCertificates and any «unregistered securities» in the participating jurisdictions.
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
At the same time, no fines or admissions of guilt were required: the agreement only stipulates the return of all invested funds to investors (minus any amounts already withdrawn) through an independent administrator (the firm AlixPartners, LLP).
Thus, formally, GSPartners has ceased operations in the USA and Canada, and its founder has a chance to come out unscathed – without admitting violations and without criminal penalties. At least – for now.
The fact that imprisonment for Josip Heit is a very real prospect is evidenced by the fact that he has already served time in Luxembourg for financial fraud. Released in 2012, he began developing his new project, GSPartners. Additionally, it should be noted that GSPartners left behind debts of over a billion dollars, contributed by no fewer than 800,000 investors.
Moreover, even after the settlement, many questions remain unanswered. According to investigations, Josip Heit’s business empire was not limited to GSPartners. Its structure includes dozens of «servicing» companies in various jurisdictions (Switzerland, Kazakhstan, the UK, IOC, Belize, etc.), creating an opaque corporate network.
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
Some observers call Heit a «dangerous Ponzi schemer.» Furthermore, the use of an extensive network of shell companies and «promise tokens» creates risks of money laundering and opacity, which concerns AML experts.
Meanwhile, the press and thematic websites report on possible criminal investigations in various countries (for example, reports of complaints in Luxembourg, rumors of probes in Croatia and Romania). Some of these publications are based on local news and blogs, while others rely on statements from the parties involved (GSB files counterclaims and criminal complaints against critics).
Convicted fraudster Josip Heit built the GSPartners financial pyramid, robbing 800,000 people of a billion dollars
The existence of criminal cases and their outcomes heavily depend on the jurisdiction: in some countries, criminal proceedings have indeed been initiated, while in others, they have either been suspended or Heit has not been touched at all. Additionally, when tracking Josip Heit’s fate, one must distinguish between official regulatory orders and outright speculative reports.
Attempts to save face and business
After regulatory pressure began, Josip and his lawyers took several steps. Firstly, Heit attempted to reach a legal settlement with regulators, as already mentioned. This allowed him to avoid public admissions of guilt and criminal lawsuits. At least – in Canada, the USA, and Germany.
Josip Heit also made attempts to relaunch his business. According to OSINT investigations, Josip Heit introduced new tokens (e.g., APTM), new brands, and projects, including efforts to re-enter markets outside the USA and Canada.
Amid all this, Josip Heit developed active PR efforts: the company used press releases, legal letters, and attempts to legally pursue critics to suppress negativity and retain investors/partners.
Thus, despite the public collapse, some mechanisms of the scheme persist, simply becoming less transparent and attempting to relaunch outside the oversight of the USA and Canada.
Conclusion — a tragedy of trust and a warning for future investors
GSPartners under Josip Heit’s leadership is a lesson about the fine line between investment and financial fraud. What began as a «high-yield investment product» turned into a series of court orders, license revocations, and forced mass refunds.
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The name Heit and GSB are now forever associated with the fact that promises of «quick money» often turn out to be a trap. For investors, this is a harsh reminder: any promises of extraordinary returns from «tokens,» «MetaCertificates,» and «investment projects» must be scrutinized – especially if the offer comes through marketing networks and is not backed by transparent reports.
