Trader Pushes Back Against Witness In Illumina Insider Trial

Law360, New York (June 16, 2021, 4:09 PM EDT) -- Counsel for a San Diego stock speculator accused of insider trading worked Wednesday to undermine the credibility of a former Illumina Inc. accountant who told a Manhattan jury she tipped him to earnings secrets in exchange for envelopes stuffed with cash.

Defense attorney Eugene Iredale quizzed cooperating witness Patty Bustos at length during trader Donald Blakstad's trial on charges of insider trading and fraud, being overseen by U.S. District Edgardo Ramos.

Prosecutors from the Manhattan U.S. Attorney's Office say Blakstad and unindicted cohorts made $6 million trading Illumina options from 2016 to 2019 based on nuggets received from Bustos, a 33-year-old...

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