The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan issued an investor alert on June 1 warning residents about GSPartners, an online entity soliciting cryptocurrency investments. This entity is not registered to trade securities or derivatives within the province.

The FCAA cautions the public against sending funds to unregistered companies, citing the potential for these operations to lack legitimacy. Investors who have already placed money with GSPartners are encouraged to contact the FCAA’s Securities Division for guidance.

Nitsa Nakos, identified as a "Crown Ambassador," has been recruiting investors for GSPartners in Canada. Nakos, originally from British Columbia, appears to have relocated to Greece, according to her social media activity. GSPartners has promoted investment opportunities in crypto assets, promising passive returns paid over 18 to 24 months.

This warning from Saskatchewan follows a series of similar alerts from Canadian provincial regulators regarding GSPartners, G999, and GSTrade. These entities have been targeted by authorities in Alberta, Quebec, and British Columbia. In late May, GSPartners underwent a rebranding to Swiss Valorem Bank.

The Swiss Valorem Bank operation continues to solicit investments through the same website domain previously used by GSPartners, gspartners.global. The associated corporate structure includes shell companies such as Swiss Valorem Bank LTD and IBBP Pay Services LTD, both registered in Kazakhstan, and CoinX24 AG in Switzerland. Website traffic analysis shows gspartners.global received approximately 483,000 visits in April 2023, with 74% originating from the United States.

Neither GSPartners nor Swiss Valorem Bank, nor any of their affiliated companies, hold registration to offer securities in any jurisdiction where they solicit investments. Both GSPartners and Swiss Valorem Bank are reportedly managed by Josip Heit, a former executive at Karatbars International. Heit, believed to be a German citizen originally from Croatia, is understood to be residing in Dubai, which serves as an operational base for these entities.