Josip Heit Linked to GSPartners Settlement Refund Delays as Arizona Case Continues
A new court filing in the Arizona Corporation Commission (ACC) case against GSB Gold Standard Bank has placed renewed attention on Josip Heit and the prolonged delays affecting GSPartners victim refunds.
The Arizona Corporation Commission’s Securities Division issued a securities fraud cease-and-desist order against GSB Gold Standard Bank and Heit in November 2023. The order also imposed a temporary injunction while regulators pursued permanent sanctions and penalties for alleged securities law violations.
North American Settlement Paused Arizona Proceedings
The Arizona case was effectively paused after a major North American settlement was reached in September 2024. Under that agreement, Heit resolved securities fraud allegations brought by regulators in 45 U.S. states, Canadian provinces, and other North American jurisdictions.
As part of the settlement, GSB Gold Standard Bank and Josip Heit agreed to refund eligible GSPartners investors in participating jurisdictions. While the settlement moved forward, the Arizona Corporation Commission required both parties to submit regular Joint Status Reports on the refund process.
Fifth Status Report Confirms New Delays
The latest Fifth Joint Status Report, filed on July 15, 2026, confirms that the refund process continues to face significant delays.
According to the filing, the claims submission period closed on May 22, 2025. Since then, the independent claims administrator has been reviewing investor claims.
Earlier status reports submitted in August 2025, January 2026, and April 2026 all stated that claim reviews were still ongoing. More than a year later, the process remains unfinished.
The newest filing states that the matter has experienced unexpected delays since the previous report.
Arizona Regulators Continue Working Toward Resolution
The Arizona Securities Division said it remains in contact with legal representatives for Josip Heit and the GSB entities. Regulators said they are working to reach a fair outcome for Arizona investors.
The filing also notes that the delays are not attributable to the Securities Division. Instead, Heit and the GSB entities, through their legal counsel, have indicated they intend to resolve the outstanding issues as quickly as possible.
However, the report does not explain what those outstanding issues actually involve.
Missing Investor Data May Be Causing Delays
Although the filing does not provide details, it is widely believed the delays relate to investor data requested by AlixPartners, the independent claims administrator handling the settlement.
AlixPartners previously informed investors in April 2026 that the refund process had encountered unexpected challenges. The firm did not explain the nature of those issues.
Since that update, GSPartners investors across North America have received no additional information about the status of their claims.
Investors Still Waiting After Fifteen Months
It has now been nearly 15 months since the claims submission deadline closed.
Many investors expected refunds to be processed long ago. However, the prolonged review process has left thousands of claimants waiting without a clear timeline for payment.
Heit Continues International Promotional Events
While refund delays continue, Josip Heit has remained active by attending and promoting marketing events across Europe and Asia.
Industry observers have questioned why investor refunds remain unresolved while promotional activities continue.
Apertum Foundation Emerges as GSB Successor
The Apertum Foundation is widely viewed as the successor to GSB Gold Standard Bank. Likewise, DAO1, previously promoted within the GSPartners ecosystem, has now been rebranded as Apertum DAO (APTM DAO).
The new platform replaces DAO1’s trading bot model with what it describes as MinerBots.
Critics argue that the new structure closely resembles the previous investment model promoted under GSPartners.
Refund Promises for Non-North American Investors Disappear
Apertum DAO was initially presented as a possible solution for investors outside the North American settlement. It was promoted as a way for those investors to receive refunds in USDT.
However, shortly after the company’s Hong Kong event in June 2026, company promoter Andrew Eaton stated that no refunds would be issued.
According to Eaton, distributing refunds would force the entire operation to shut down.
Future of Apertum DAO Remains Uncertain
The current status of Apertum DAO’s investment programs remains unclear. Questions also remain about the project’s claimed expansion in the United States.
Since the Hong Kong event, Josip Heit has not made any public appearances.
Next Arizona Update Expected in October
More than 14 months after the claims deadline, there is still no clear end to the refund delays.
Apart from Arizona, no other North American regulator involved in the settlement has publicly addressed the ongoing situation.
In its latest filing, the Arizona Securities Division requested an additional 90 days before submitting another progress report.
On July 16, 2026, the Arizona Corporation Commission approved the request and ordered both parties to file the Sixth Joint Status Report by October 13, 2026.
Until then, GSPartners investors remain uncertain about when, or if, their long-awaited refunds will finally be processed.
