Texas Wins Full Refunds for Investors in Alleged $1 Billion Crypto Scheme

Published on September 10, 2024

The Texas State Securities Board (TSSB) has announced a landmark settlement that will ensure full refunds for investors caught in a sprawling cryptocurrency investment scheme with an estimated value of about $1 billion. The scheme included tokenized pieces of a Dubai skyscraper. The settlement, announced by Texas Securities Commissioner Travis Iles on Sept. 9, resolves claims against GS Partners and its parent company, GSB Group, which were accused of selling unregistered securities tied to digital assets. “The securities markets continue to rapidly evolve, and many legitimate firms are using new technologies to develop cutting-edge products and services, increase efficiencies and contribute to overall economic development,” Iles said in a statement....

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