NY Feds Say Trader Sought 'Illegal Edge,' Driven By Greed

Law360, New York (June 25, 2021, 8:20 PM EDT) -- Federal prosecutors on Friday began their final pitch to New York jurors weighing the fate of California trader Donald Blakstad in his insider trading and investment fraud trial, saying Blakstad was guilty of two separate schemes that shared a common theme: greed.

Blakstad and others allegedly obtained $6 million from 2016 to 2019 by trading Illumina options based on information from Patty Bustos, a 33-year-old former company accountant who pled guilty to fraud.

Prosecutors also contend that Blakstad defrauded investors in his energy concern, Midcontinental Petroleum Inc., and other ventures. Blakstad took in more than $3.5 million from backers, the feds...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!