Apertum and proprietor Josip Heit are set to sq. off towards the Texas State Securities Board on April eighth.
The scheduled listening to follows a TSSB securities fraud enforcement order issued final month, and subsequent request from Apertum and Heit for a listening to.
Apertum’s and Heit’s request for a listening to was acquired on April 1st. As per Texas’ Securities Act, a listening to is required to be scheduled inside ten days upon receiving a request – except the events come to an alternate settlement.
Apertum and Heit (proper) are represented by Quinn Emanuel. TSSB met with Quinn Emanuel on April third.
Shortly after the assembly Quinn Emanuel requested the Apertum Texas fraud listening to be delayed until after August 2025.
TSSB declined on the grounds;
- Quinn Emanuel have been representing Heit for over a 12 months;
- TSSB has been offering Quinn Emanuel with “voluminous proof” since January 2024;
- particular to Apertum, TSSB has corresponded and offered Quinn Emanuel with “vital proof” since November 2024;
- Apertum and Heit have publicly confirmed they won’t adjust to TSSB’s Apertum fraud order;
- Apertum token (APTM) is promoted as an funding and listed on public exchanges, which could be accessed by North American purchasers;
- APTM every day buying and selling quantity are reported to exceed $1 million;
- Apertum and Heit have introduced an APTM itemizing on LBK Alternate Restricted, dba LBank, who has places of work in Colorado and California and is registered as an MSB with FinCen;
- Apertum and Heit have introduced plans to listing APTM on fifteen extra exchanges by the top of 2025, together with exchanges “that allow US residents, together with Texas, to purchase tokens”;
- the Texas Securities Commissioner “has twice discovered Heit threatens instant and irreparable hurt to the general public”; and
- Quinn Emanuel is “already nicely knowledgeable of the details of the case and have drawn conclusions based mostly on the details as exhibited by a press-release printed by Quinn Emanuel on April 3, 2025”
Based mostly on the forgoing, together with Respondents’ refusal to adjust to Order 1889, any delay in setting a listening to on this matter could trigger widespread instant and irreparable hurt to Texans – along with as many as 1,600 Texans believed to have already despatched cash to entities managed by Respondent Heit in prior schemes.
Within the cited April third press-release, Quinn Emanuel claimed TSSB’s Apertum fraud enforcement order was “illegal”.
“APTM is a utility token, not an funding contract,” stated Avi Perry, co-Chair of the Securities Litigation Group at Quinn Emanuel.
“Neither the SEC nor any court docket would classify APTM as a safety. In actual fact, the TSSB’s order itself acknowledges that APTM is just deployed by means of mining, and the SEC just lately clarified that crypto mining doesn’t contain the provide and sale of securities.
The TSSB’s accusations are solely incorrect: APTM isn’t a safety, and our purchasers didn’t provide it on the market in Texas.”
Quinn Emanuel didn’t cite any particular legislation in assist of their claims.
Apertum is tied to the token APTM, by means of which Heit runs DAO1. DAO1 is a continuation of GSPartners, a “fraudulent funding scheme” Heit ran by means of Gold Commonplace Company (GSB).
Heit seems to be working Apertum by means of Apertum Holding Restricted, a Brazilian shell firm arrange by Heit’s German legal professionals on February twenty sixth, 2025.
GSPartners collapsed in late 2023, following an avalanche of securities fraud warnings from US and Canadian regulators.
GSB, GSPartners and Heit entered right into a settlement with North American regulators in September 2024. In March 2025 Texas pulled out of the GSPartners settlement, alleging violations of the settlement and extra fraud.
A listening to on that matter, which dates again to TSSB’s authentic November 2023 GSPartners fraud enforcement order, stays scheduled for April 14th to seventeenth.
The Apertum Texas fraud listening to will likely be performed by the State Workplace of Administrative Hearings (SOAH). April eighth and ninth have been locked in, with April Eleventh put aside in case a 3rd day is required.
Particulars have but to be confirmed however as I perceive it members of the general public will be capable to attend the listening to over Zoom.
I’ll go away an replace under as soon as particulars of public attendance have been confirmed.