Securities regulators in Texas and Alabama have accused a group of companies tied to a metaverse real estate project of fraudulently raising millions from investors.
The Texas State Securities Board last week issued an emergency cease and desist order against GS Partners, Swiss Valorem Bank, and several related entities controlled by Josip Heit.
The Alabama Securities Commission has also filed its own cease and desist order targeting Heit and GS Partners for illegally selling securities in the form of “MetaCertificates.”
Regulators in both states allege the companies operated illegal securities schemes involving digital assets tied to virtual real estate in a metaverse project called Lydian World.
According to the orders, GS Partners sold blockchain-based tokens that represented fractional ownership in a virtual 36-story skyscraper called G999 Tower located in the metaverse. The company claimed it had acquired rights to resell units in the skyscraper and promised investors returns
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