Giannoulias Announces Multi-Million-Dollar Settlement with Crypto Firm
SPRINGFIELD - Illinois Secretary of State Alexi Giannoulias announced that Illinois has reached a multi-million-dollar settlement with GS Partners and GSB Group, which operated crypto-related investment schemes.
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Illinois residents who purchased securities from any GS Partners entity and those who purchased its securities while residing in Illinois, are eligible for 100 percent of their money back, minus the value of any withdrawals.
Eligible investors are encouraged to inform the Securities Department of any GS Partners investments by Dec. 1, 2024 using the Secretary of State’s online form.
The settlement is the result of a multi-state investigation that found GS Partners had failed to register its securities with individual states, including Illinois, and failed to qualify for an exemption from registration. GS Partners employed a network of promoters and celebrities who sold crypto investments promising lucrative returns.
“This settlement puts crypto-investment operators on notice that any attempt to circumvent state laws will not be tolerated,” said Giannoulias, who was recently named co-chair of the National Secretary of State’s Securities Committee. “We will continue to protect Illinoisans when making investment decisions and ensure they can access all necessary information about potential risks.”
The German-based company failed to register securities sold in Illinois and primarily targeted minority communities, hosting in-person and online investment seminars, including at churches.
Illinois investors, or those interested in investing, can visit ilsos.gov for more information on protecting themselves from investment scams, and to verify securities registrations.
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