TechFlow News, on October 11, according to Bitcoin.comNews, the Washington State Department of Financial Institutions (DFI) announced its participation in a multi-state settlement agreement concerning GS Partners. Previously, in November 2023, DFI joined other state regulators in filing a lawsuit against GS Partners for alleged violations of Washington's securities laws.
The settlement pertains to GS Partners' MetaCertificates product and its multi-level marketing program. Defendants include Valorem Bank Ltd. of Switzerland, GSB Gold Standard Bank Ltd., and individuals Josip Heit and Stephen McNeal.
Under the settlement terms, affected investors in Washington State will have the opportunity to seek cryptocurrency restitution through an upcoming claims portal. The portal is expected to open in early November 2024 and remain available for 90 days. DFI advises investors to prepare relevant documentation in advance, such as cryptocurrency wallet addresses, transaction IDs, and deposit records.
GS Partners stated it will review submitted claims and supporting documents to assess eligibility for compensation. Once verified, eligible investors will receive restitution in cryptocurrency, paid directly to their designated digital wallet addresses.
