SEC Obtains Default Judgement against Billionaire Founder and Group CEO Michael Gastauer

The Securities and Exchange Commission (SEC) obtained on March 23th, 2022 final Judgement in a Federal Court in Boston, Massachusetts ordering Billionaire Founder and CEO of Black Banx Group Michael Gastauer to pay USD 17 million. Despite its initial claim filed in October 2018, where the SEC sought to recover USD 165 million plus fines and penalties from Gastauer, the final Judgement ordered a disgorgement of USD 11.3 million held in Wintercap SA client account by Black Banx`s Singapore branch plus USD 1.7 million interest and a civil penalty of USD 4.3 million, which is approximately one tenth of the sum originally demanded by the SEC.