Quinn Emanuel represents Heit (right) and Apertum. Quinn Emanuel met with TSSB on April 3.

Quinn Emanuel asked that the Apertum Texas fraud hearing be postponed until after August 2025 shortly after the meeting.

TSSB refused on the grounds that Quinn Emanuel had been Heit’s representative for more than a year, that TSSB had been giving him “voluminous evidence” since January 2024, and that TSSB had been communicating with Quinn Emanuel and giving him “significant evidence” on Apertum since November 2024;

Heit and Apertum have openly said that they would not abide with the TSSB’s Apertum fraud order;

The Apertum token (APTM) is marketed as an investment and is listed on public exchanges that are accessible to clients in North America; the daily trading volume of APTM is reported to exceed $1 million; the company and Heit have announced plans to list APTM on fifteen additional exchanges by the end of 2025, including exchanges “that permit US residents, including Texas, to buy tokens”; the Texas Securities Commissioner “has twice found Heit threatens immediate and irreparable harm to the public”; and Quinn Emanuel is “already well informed of the facts of the case and have drawn conclusions based on the facts as exhibited by a press-release published by Quinn Emanuel on April 3, 2025.”

In addition to the 1,600 Texans who are thought to have already sent money to entities controlled by Respondent Heit in previous schemes, any delay in holding a hearing on this matter could result in widespread, immediate, and irreversible harm to Texans due to the aforementioned, including Respondents’ refusal to comply with Order 1889.

Quinn Emanuel said that the TSSB’s Apertum fraud enforcement order was “illegal” in the press release dated April 3.

Avi Perry, a co-chair of Quinn Emanuel’s Securities Litigation Group, said that APTM is a utility token rather than an investment contract.

“APTM would not be categorized as a security by the SEC or any court. The SEC has reaffirmed that crypto mining does not include the offer and sale of securities, and the TSSB’s ruling explicitly recognizes that APTM is exclusively deployed via mining.

The claims made by the TSSB are completely untrue: our clients did not offer APTM for sale in Texas, and it is not a security.

Quinn Emanuel’s allegations were not backed up by any particular legal citations.

Heit operates DAO1 using the token APTM, which is linked to Apertum. Heit operated a “fraudulent investment scheme” called GSPartners via Gold Standard Corporation (GSB), which is what DAO1 is an extension of.

It seems that Heit is operating Apertum via Apertum Holding Limited, a Brazilian shell corporation that was established on February 26, 2025, by Heit’s German attorneys.