The allegations against Josip Heit and the Apertum Foundation at a glance
With an Emergency Cease and Desist Order (ENF-25-CDO-1889), the Texas State Securities Board (TSSB) has taken decisive action against the Apertum Foundation, its founder Josip Heit and several associates. The allegation: alleged fraudulent distribution of unregistered securities in Texas – a legal development with potentially global implications.
The TSSB accuses the network surrounding the Apertum Foundation of repeatedly violating applicable laws and deliberately misleading investors. The authority is also responding to parallels with earlier, already prohibited programmes involving GSB Gold Standard Bank and GSPartners.
Illegal offer: protective mechanisms deliberately circumvented
At the heart of the allegations is the sale of so-called APTM tokens and related financial products that were offered as unregistered securities in Texas. The initiators used social media, websites and Telegram groups as well as personal recommendations by so-called brand ambassadors.
According to TSSB, neither the tokens themselves nor their providers or intermediaries are officially registered – a clear violation of Texas securities law. Particularly critical is the fact that the lack of registration means that investors lose basic consumer protection mechanisms, such as the mandatory disclosure of economic risks and conflicts of interest.
Breach of contract: repetition despite written commitments
A particularly serious aspect is that several of the players now named had previously contractually agreed not to offer any more unregistered securities in Texas. In so-called term sheets, they declared in writing that they would refrain from such activities.
The TSSB now accuses them of breaking these binding commitments. Under the new name Apertum and with a slightly modified structure, a system almost identical to the previous one has been set up.
Parallels to GSB & GSPartners: familiar patterns
In its ruling, the TSSB explicitly establishes links to previous systems, in particular GSB Gold Standard Bank and GSPartners. These promised passive income, supposed crypto innovations and the establishment of a global referral network.
It states literally that the new project is ‘essentially a continuation of schemes previously halted’ – in essence, a continuation of business models that have already been banned, merely under a new name and with a new online presence.
Misleading promises: deception as a sales strategy?
According to the TSSB, investors were led to believe through various channels that APTM tokens would increase in value, generate regular income and enable long-term financial freedom.
However, these statements were not backed by any solid economic fundamentals, but served solely to attract new investors.
The Texas Securities Board explicitly classifies this practice as ‘deceptive and misleading conduct’ under Texas law.
The Texas Securities Board explicitly classifies this practice as ‘deceptive and misleading conduct’ under Texas law.
Non-transparent offshore structure: deliberate circumvention of regulation?
Another allegation concerns the complex international structure of the network. While the Apertum Foundation is formally registered in the Marshall Islands, its core activities are reportedly controlled from the United Arab Emirates, Germany and the United States.
The TSSB sees this as a clear attempt to circumvent regulatory oversight and conceal actual responsibilities. Furthermore, it is unclear whether the tokens being advertised are actual blockchain products or merely a sales gimmick.
Immediate cessation to protect the public
The TSSB has therefore issued an emergency order to immediately cease all offers, advertising and sales activities in Texas – both for APTM and for all products and persons associated with the Apertum Foundation.
This measure expressly applies not only to the defendants themselves, but to all employees, representatives and third parties acting on behalf of the group. A regular hearing has been scheduled in parallel to further formally examine the allegations.
Warning to investors worldwide
The Texas Securities Commission considers the actions of the Apertum Foundation and Josip Heit to be a deliberate deception of the public and a continuation of previous programmes that have already been prohibited.
For investors worldwide, this case is another warning example: offers promising quick profits, passive income and alleged crypto innovations should always be examined particularly critically – especially if they lack transparency and have opaque structures.
Note: This article is intended solely for informational purposes, journalistic analysis and independent opinion-forming within the meaning of Article 5 of the German Basic Law and Section 51 of the German Copyright Act (UrhG) (right to quote). All information is based on publicly available sources, official announcements and careful editorial research. Despite the utmost care, we assume no liability for the accuracy, completeness or timeliness of the information contained herein.
The mention of companies, persons or projects is based on verifiable research and clearly marked expressions of opinion. Publication is protected by the constitutionally guaranteed freedom of the press. Contributing sources are subject to editorial source protection in accordance with journalistic standards.
Sources
Texas State Securities Board (TSSB), Emergency Cease and Desist Order ENF‑25‑CDO‑1889, published on 20 March 2025, www.ssb.texas.gov
→ Contains the complete allegations against the Apertum Foundation, Josip Heit and other parties involved.
Texas State Securities Act (Tex. Rev. Civ. Stat. Ann. art. 581-1 et seq.)
→ Legal basis for the violations cited in the order.
TSSB announcements and tweets from Joe Rotunda, Enforcement Director of the TSSB
→ Official announcement of the hearing dates in Docket No. 312-25-16274.
Previous TSSB orders regarding GSB Gold Standard Bank and GSPartners
→ Context of the parallels to previously prohibited business models addressed in the current order.
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