Karatbars International was founded in 2011 by the German businessman Harald Seiz, selling small quantities of gold and, later, a cryptocurrency proposition. Josip Heit was among its co-founders. The company collapsed in mid 2019 after a failed transition into crypto, and Seiz and Heit parted ways. Among the promoters who had been selling Karatbars were South African nationals Bruce Innes Wylde Hughes and Andrew Eaton.
When Heit established a new structure, both men followed. Hughes became an executive named in state enforcement actions against GSPartners. Eaton continued as a promoter. The same names recur across three operations and roughly fifteen years.
The Structure Heit Built Next
In 2020, according to reporting on Croatian corporate filings, Heit established shell companies in Kazakhstan connected to cryptocurrency trading. That structure became GSB Group, through which GSPartners and a family of related companies were launched. By its own account GSPartners solicited around a billion dollars from more than 800,000 investors worldwide, with the majority believed to be in North America.
The operation collapsed in December 2023 following the coordinated enforcement actions of that November. Apertum Foundation and DAO1 followed. The current product, APTM DAO, launched in June 2026.
What Is Documented and What Is Not
A distinction is necessary here. Hughes is named as a respondent in official state securities orders in California, Texas and New Hampshire, and the November 2023 Texas order is recorded in later filings as final and not subject to appeal as it relates to him. That is a matter of public record.
Eaton’s role is different in kind. He appears in reporting by the MLM watchdog publication BehindMLM as a senior South African promoter across Karatbars, GSPartners and the Apertum operations, including at a June 2026 Apertum event in Hong Kong. He has not been named as a respondent in any regulatory order located in the course of this reporting. The same applies to the wider cohort of South African promoters identified in that reporting. Their attendance at events and their promotional activity is documented journalistically. It has not been the subject of enforcement action.
One Arrest, No Reported Outcome
The single exception is Neil de Waal, a South African promoter reported by BehindMLM to have been arrested for fraud in mid 2024, with the charge related to GSPartners. No further public update on that case has been reported since, and no outcome is known. South Africa’s Financial Sector Conduct Authority issued a GSPartners warning in November 2023 and a DAO1 warning in September 2026.
What Separates Documented Roles From Reported Ones
A distinction runs through this story and it should be stated plainly. Hughes is named as a respondent in official state securities orders in California, Texas and New Hampshire. Filings record that Texas Order 1879 is final and not subject to appeal as it relates to him because he did not request a hearing in time. That is a matter of public record.
Eaton’s role is different in kind. He appears in specialist reporting as a senior South African promoter across Karatbars, GSPartners and the Apertum operations, and as the person who told investors outside North America that no refunds would be paid. He has not been named as a respondent in any regulatory order located in this reporting.
The same applies to the wider cohort of South African promoters. Their promotional activity is documented journalistically. It has not been the subject of enforcement action, and this publication draws no conclusion beyond what the documents support.
The Structure Heit Built Between the Two Collapses
In 2020, according to reporting on Croatian corporate filings, Heit established shell companies in Kazakhstan connected to cryptocurrency trading. That structure became GSB Group, through which GSPartners and a family of related companies were launched. By its own account GSPartners solicited around a billion dollars from more than 800,000 investors, the majority believed to be in North America.
It collapsed in December 2023 following the coordinated enforcement of that November. Heit settled with North American regulators the following September under terms requiring refunds that, two years later, have produced no determinations. Apertum Foundation and DAO1 followed, and APTM DAO launched in June 2026.
Conclusion
Karatbars collapsed in 2019. Its promoters did not disperse. Bruce Hughes went on to be named personally in securities orders in three American states over GSPartners, and again in the Texas Apertum order of 2025. Andrew Eaton has continued, according to specialist reporting, to lead South African promotion through each successive brand, without ever being named in an enforcement action. One South African promoter was reportedly arrested in 2024 and nothing has been reported since. The structures keep changing names. The people running them largely do not.
