Five U.S. States Reach Settlement With GS Partners, Investors to Get Full Refunds

Investors
were
allegedly
told
that
the
vouchers,
each
representing
one
square
inch
of
the
36-floor
tower
–
described
a
“glorious
skyscraper…inspired
by
the
winds
of
the
desert,
and
radiates
majesty
as
it
shines
under
the
burning
sun”
–
would
allow
them
to
make
passive
income
from
the
leasing
of
units.
When
GS
Partners
failed
to
reach
their
goal
of

$175
million
in
sales,
the
value
of
the
vouchers
plummeted
to
nearly
zero.

As
part
of
the
settlement
agreement
Texas,
Alabama,
Arizona,
Arkansas
and
Georgia
have
reached
with
Heit
and
his
companies,
all
civil
claims
against
GS
Partners
have
been
settled
and
investigations
dropped
and,
in
exchange,
GS
Partners
will
refund
100%
of
investments
made
by
clients
in
settling
states.