Investor Accused of Illumina Insider Trading Is Convicted in NYC

San Diego investor Donald Blakstad was found guilty of insider trading and investor fraud following a nine-day trial in Manhattan federal court, with the jury having deliberated for less than two hours.

Blakstad was convicted of using inside information from an Illumina Inc. accountant to make millions for himself and his associates, and defrauding investors in his Midcontinental Petroleum company by using their funds for personal expenses.

During the trial, Blakstad spent more than five hours on the witness stand. He told the jury that while he had used money from the Midcontinental Petroleum account to pay for trips to ...