Investors who participated in a cryptocurrency marketing initiative managed by GSB Gold Standard Corporation are eligible to reclaim their entire investments. Georgia's Secretary of State, Brad Raffensperger, is urging local investors to complete the necessary claim forms to recover 100% of their funds without any conditions. This opportunity arose from a settlement last September involving GSB Gold Standard Corporation AG, its owner Josip Heit, and related entities under the GSB Group. The settlement ensures that all Georgia-based investors who contributed funds will receive a full return on their investment.

Furthermore, consumers are advised to conduct thorough research and seek guidance from trusted financial advisors before making significant investments. An independent claims administrator, AlixPartners, LLP, has been appointed to evaluate eligibility for compensation based on total deposits less withdrawals. The claims process commenced on February 21 and will remain open until May 22, allowing 90 days for submission.

Settlement Ensures Full Recovery for Georgian Investors

This settlement marks an unprecedented move where affected investors can recover their funds entirely. Typically, such scenarios leave individuals with no recourse or recovery options. In this case, the collaboration between the Secretary of State and the Securities Division led to a successful resolution against GSB Gold Standard Corporation AG, ensuring that nearly 800 Georgian investors do not suffer financial losses.

The settlement involves multiple parties, including Josip Heit, identified as the owner and chairman of GSB Group, along with various associated entities. As part of the agreement, all funds deposited by Georgia investors into GSB Group or its affiliates will be refunded. Previously, these funds were used to promote crypto products throughout Georgia and nationwide. However, now the company’s website features only a link detailing the settlement information. This action underscores the commitment to protecting consumer rights and preventing financial exploitation.

Steps to Claim Compensation and Investment Advice

Georgians seeking reimbursement must act promptly within the designated timeframe. Eligibility determination and compensation calculation will be handled by AlixPartners, LLP, ensuring a fair process based on accurate deposit and withdrawal records. Investors should familiarize themselves with the claims procedure at the provided online resource.

In addition to recovering lost funds, the Consumer Protection Team at the Secretary of State's office emphasizes the importance of informed decision-making when considering substantial investments. They recommend conducting extensive research and consulting reliable financial experts before committing resources. Noula Zaharis, Assistant Commissioner of Securities, advises potential investors to exercise caution if they feel uncertain about a product, even after thorough investigation. By adhering to these guidelines, Georgians can safeguard their financial futures and avoid similar pitfalls in the future.