Texas Securities Commissioner Travis J. Iles has issued an Emergency Cease and Desist Order to halt the alleged fraudulent and illegal offering of Apertum (APTM), a new cryptocurrency token deployed on a proprietary blockchain. The order targets Josip Heit, Dirc Zahlmann, Bruce Innes Wylde Hughes, and Dennis Loos, accusing them of orchestrating an investment scheme that has already attracted over 22,000 unique wallets, facilitated more than 268,000 transactions, and amassed $3.5 million in assets. The price of APTM has reportedly surged by 8,000%, leading promoters to call it a "life-changing opportunity."
Regulatory Background and Previous Enforcement Actions
In October 2023, the Texas State Securities Board (TSSB), along with U.S. and Canadian regulatory agencies, launched a joint investigation into Heit, Zahlmann, Hughes, and various companies operating under the names GSB Group or GSB Germany. The following month, the TSSB filed Emergency Cease and Desist Order ENF-23-CDO-1879, accusing Heit, Zahlmann, Hughes, and their associates of violating the Securities Act, engaging in securities fraud, and causing immediate and irreparable harm to investors.
“We’ve alleged that as many as 1,600 Texans were victims of these schemes,” said Commissioner Iles. “But numbers never tell the whole story. Fraudulent investment scams can quickly wipe out a lifetime of savings and the prospect of a secure, serene retirement. Things change, but the scams remain the same.”
The order, which detailed extensive fraud, became final and unappealable for Zahlmann and Hughes. By September 2024, regulators negotiated a settlement with Heit and select members of GSB Group. The agreement required them to provide client records, refund deposits (minus withdrawals) to Texas-based clients, and notify them about compensation opportunities. However, the TSSB later accused Heit and his associates of breaching the agreement by misrepresenting key financial information. The agency subsequently withdrew from the settlement and initiated a contested case at the State Office of Administrative Hearings.
Allegations Against Apertum (APTM) and its Promoters
According to the March 20, 2025, enforcement action, Heit, Zahlmann, and Hughes allegedly began developing the Apertum project before Order 1879 was issued but temporarily suspended their efforts following the enforcement crackdown in November 2023. However, regulators assert they secretly resumed the scheme after executing the settlement agreement.
The order alleges that APTM, the native token for the Apertum blockchain, is primarily being marketed as a lucrative investment rather than a utility token. Promoters are accused of actively manipulating its price by artificially increasing demand while limiting supply. Specific tactics outlined in the enforcement order include:
- Migrating GS Partners, a reportedly defunct company named in Order 1879 that once generated $1 billion in annual revenue, to the Apertum blockchain.
- Recruiting video game developers from best-selling franchises such as Grand Theft Auto V and Call of Duty to launch a new game requiring players to purchase APTM.
- Launching a fiat banking platform on the Apertum blockchain, projected to facilitate 400,000 to 500,000 daily transactions using APTM. Combined with the gaming initiative, the promoters claim this will drive up to 4 million new buyers into the market.
- Employing a global network of multilevel marketers (MLMs), offering 50%+ commissions to affiliates who sell investment-related products tied to APTM.
- Securing listings for APTM on 15 cryptocurrency exchanges, including those available to North American investors. The first listing is live, with additional listings scheduled in the coming months.
Promotional materials claim APTM has skyrocketed from $0.025 to $2.00, an increase of 8,000%, and describe it as a “life-changing opportunity” for investors.
Pattern of Concealment and Alleged Fraudulent Activities
The TSSB’s enforcement action asserts that Heit, Zahlmann, Hughes, and Loos have concealed critical details about prior investment failures, regulatory warnings, and company bankruptcies. The order specifically calls attention to past digital assets linked to the GSB Group, including:
- g999: A failed cryptocurrency project that once operated on a proprietary blockchain with built-in deflationary measures but collapsed and is now worthless.
- wG999: A wrapped version of g999 that similarly lost all value.
- LYS: A staking token for a metaverse project that initially surged to $1,830 but later plummeted to $0.15.
- XLT Vouchers: Tied to a tokenized real estate project that never progressed past its initial phase.
- Elemental and Success Series Certificates: Gamified investment products that allegedly promised passive income, but some investor withdrawals were instead redirected into a “13-month lock-up vehicle” without full disclosure.
Regulators further allege that Apertum’s promotional materials contain deceptive claims about:
- The decentralization of its blockchain.
- The legitimacy of its financial audit reports.
- The identity of the officers overseeing the Apertum Foundation.
- Its inclusion on cryptocurrency exchanges, implying a level of regulatory approval.
Regulatory Response and Next Steps
“Our actions allege Heit and others have been dealing in many products tied to digital assets,” said TSSB Enforcement Director Joe Rotunda. “But that doesn’t mean the alleged fraud is sophisticated or complex. We’ve simply accused the parties of leveraging new technologies to perpetrate traditional schemes. At the end of the day, our actions largely claim they’re not truthfully disclosing material information to prospective investors.”
The Emergency Cease and Desist Order provides the respondents with 30 days to challenge the allegations. If they fail to respond, the order will become final, barring them from offering or selling APTM in Texas.
