Securities regulators in Texas and Alabama have accused GS Partners, Swiss Valorem Bank, and related entities controlled by Josip Heit of fraudulently raising millions from investors in multiple crypto schemes. The Texas State Securities Board issued an emergency cease and desist order against GS Partners, while the Alabama Securities Commission filed its own order targeting Heit and GS Partners for illegally selling securities in the form of “MetaCertificates.” The companies allegedly operated illegal securities schemes involving digital assets tied to a metaverse real estate project called Lydian World. GS Partners sold blockchain-based tokens representing fractional ownership in a virtual skyscraper called G999 Tower, promising investors returns from leasing income. The Texas order states that GS Partners failed to raise the targeted $175 million. The Alabama order accuses the company of guaranteeing unrealistic returns of up to 5% per week to investors. Both states also allege that GS Partners and Swiss Valorem Bank sold fraudulent certificates tied to cryptocurrencies. Regulators have ordered the companies to cease all offerings and sales of illegal securities immediately.

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Information	Details
Geography	North America
Countries	🇩🇪
Sentiment	negative
Relevance Score	1
People	Josip Heit
Companies	Swiss Valorem Bank, GS Partners, Texas State Securities Board, WealthBuilders Worldwide, Alabama Securities Commission
Currencies	None
Securities	None