In a significant development for Illinois residents, Secretary of State Alexi Giannoulias has announced a considerable settlement with GS Partners and GSB Group over unauthorized crypto-related investments. Individuals who invested while residing in Illinois can claim a full refund by contacting the Securities Department by December 1, 2024. This decision follows a thorough multi-state probe revealing that GS Partners neglected to register their securities as required by law and targeted primarily minority communities through seminars. Giannoulias emphasized the importance of compliance with state regulations, aiming to safeguard investors against potential scams. Eligible investors are encouraged to inform the Securities Department of any GS Partners investments by December 1st, using the Secretary of State’s online form.
“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.”
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.