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SEC defendant Gastauer wins appeal of $4M (U.S.) order

2024-02-16 20:32 ET - Street Wire

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by Mike Caswell

The United States Court of Appeals has found that the U.S. Securities and Exchange Commission has no jurisdiction over Raimund Gastauer, a German man associated with a Canadian-linked scheme on the U.S. markets. The SEC had been attempting to enforce a $3.9-million judgment against Mr. Gastauer stemming from multiple pump-and-dumps, but the appeal court has effectively barred the regulator's efforts. (All figures are in U.S. dollars.) It has granted an application filed by Mr. Gastauer, who said that he had no connection to the United States.

The finding comes as part of a case that the SEC pursued against U.K. national Roger "Rocket" Knox and others for the fraudulent sale of millions of shares in 50 public companies. At least some of the money from those sales passed through Vancouver-area brokerages, according to the SEC. The regulator froze accounts at multiple Vancouver firms, and the case had connections to a search that the B.C. Securities Commission carried out at the downtown Vancouver office of Mackie Research Capital Corp. in 2017.

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