Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Five U.S. states have reached a settlement agreement with GS Partners – the European operation behind several crypto investment schemes, including tokenized investments in a Dubai skyscraper – that will see investors get 100% of their money back, according to aas of last September, one month before a collection of state securities regulators, spearheaded by Texas, began investigating GS Partners’ owner Josip Heit and his companies. Starting in mid-November, regulators in 10 U.S.
Joe Rotunda, enforcement director at the Texas State Securities Board, told CoinDesk that getting customers their money back was a priority for his agency. Regulators in settling states waived their ability to go after financial penalties payable to their agencies. Civil fines are a common outcome of many state and federal enforcement actions, but Rotunda said his agency’s priority was Texan investors.
The settlement agreement does not preclude non-participating states or federal regulators from pursuing civil or criminal investigations into Heit and his companies.issued by his lawyers at white-shoe law firm Quinn Emanuel on Monday, Heit said he welcomed the settlement, adding: “We are committed to refunding all eligible customers through the claims process. Our customers always come first. Protecting the brand, our reputation, and our customers is our top priority.
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