The Office of Financial Regulation (OFR) today announced that an immediate final order was issued to Gold Standard Bank (GSB) LTD, d/b/a GS Partners, and other members of GSB Group, requiring them to cease and desist from alleged unregistered and fraudulent securities and banking services in the state of Florida. This action is the result of a working group of securities regulators from the United States and Canada, who entered emergency enforcement orders to protect the public from alleged fraudulent misconduct.
The OFR order alleges that GS Partners promoted investments through a multilevel marketing scheme, paying lavish commissions and using deliberately obscure and misleading information about how the organization generated profits. The order states that their conduct poses an ongoing immediate danger to the public health, safety, or welfare particularly to those depositors or investors who rely upon their alleged misrepresentations.
Read the OFR’s immediate final order.
Floridians who suspect a financial scam or questionable business practices are encouraged to submit a complaint online at www.flofr.gov, or by calling (850) 487-9687.
