News Releases

Apr 4
2025

Josip Heit’s Latest Alleged Fraud Case Set for April 8, 2025

In September 2024, the Texas State Securities Board settled its allegations against Josip Heit and various other respondents often referred to as GSB Group or GSB Germany. The parties executed a term sheet that required Heit and other respondents, in part, to return all deposits, less withdrawals...
Apr 2
2025

Millions to be Returned to Retirement Value Investors

Last Friday, Travis County State District Judge, Maya Guerra Gamble, ruled in favor of a motion to distribute more than $4.5 million to investors in Retirement Value, LLC (RV). The motion was filed on March 4, 2025, by Michael D. Napoli, counsel to the court-appointed receiver in control of the...
Mar 20
2025

Josip Heit Accused of Launching a New Fraudulent Investment Scheme

DURING THE SETTLEMENT OF ALLEGATIONS OF PERPETRATING A PREVIOUS FRAUDULENT SCHEME US CLIENTS ARE ALLEGEDLY BEING OFFERED DIGITAL ASSETS THAT PURPORTEDLY PAY “LIFECHANGING” RETURNS Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop offers of Apertum (APTM), a...
Feb 28
2025

Updates to Texas State Securities Board Rules Concerning Dealers and Investment Advisers, Agents, and Investment Adviser Representatives

EFFECTIVE MARCH 13, 2025, THE TEXAS STATE SECURITIES BOARD IS PLEASED TO ANNOUNCE THE ADOPTION OF RULES TO RECOGNIZE FINRA MQP AND NASAA EVEP, AS WELL AS OTHER RULES ADOPTING THE SEC REGULATION BEST INTEREST AND THE SEC MARKETING RULE BY REFERENCE, AND RULES RECOGNIZING FINRA RULES ON RESIDENTIAL...
Jan 17
2025

Texas joins Multiple States in $106 Million Restitution Settlement with Vanguard for Supervisory and Disclosure Failures

The Texas State Securities Board announced today that it joined a taskforce of state securities regulators and the United States Securities and Exchange Commission (SEC) in a $106 million restitution settlement with Vanguard Marketing Corporation (VMC) and The Vanguard Group, Inc. (Vanguard). The...
Jan 17
2025

Texas & Montana Lead Multiple States in $17 Million Settlement with Edward Jones for Supervisory Failures

The Texas State Securities Board announced today that it has joined a multi-state settlement with Edward D. Jones & Co., L.P. (Edward Jones) which will see Edward Jones pay $17 million in penalties for supervisory failures that affected main street investors. The four-year investigation was a...
Oct 10
2024

Commissioner Files Action Against Alleged Former GS Partners Agents - Parties Accused of Promoting New Crypto Scheme Issued by Trage Technologies

Securities Commissioner Travis J. Iles filed an Emergency Cease and Desist Order against Darrell Porter, a Minister from Killeen, Texas, and Eric Ture Muhammad, a purported “Wealth Minister” from Fairburn, Georgia. The order accused Porter and Muhammad of illegally and fraudulently offering...
Sep 9
2024

TEXAS SECURITIES BOARD SECURES FULL REFUNDS FOR TEXAS GS PARTNERS CLIENTS TEXAS AND OTHER STATES SETTLE ACTIONS AGAINST JOSIP HEIT, GS PARTNERS AND AFFILIATES

Securities Commissioner Travis J. Iles announced the Texas State Securities Board is settling claims with GSB Gold Standard Corporation AG, a German company purportedly operating in the fintech and banking industries, and GSB Gold Standard Bank LTD dba GS Partners. The settlement also names Josip...
Jun 17
2024

The Texas State Securities Board Issued Two Orders to Protect Texas Investors and Ensure Heightened Compliance with Securities Laws

Impersonating Texas companies, for example Tesla Inc., isn't the best of ideas— Emergency Cease and Desist Order. In an unrelated order, Masterworks Administrative Services, LLC, resolved its prior activities by agreeing to comply with securities law requirements and paying an administrative fine—...
May 28
2024

Securities Commissioner Warns Investors About MLM Crypto Investment Schemes

Securities Commissioner Travis J. Iles issued an Emergency Cease and Desist Order to halt a fraudulent MLM scheme that purportedly offered investments in cloud mining cryptocurrency. The order outlines the use of deceptive image and video manipulation techniques and the employment of actors to...