The SEC’s complaint, filed in federal court in Manhattan, alleges that Martha Patricia Bustos, formerly an accountant at Illumina Inc. and a certified public accountant, and her close friend Donald Blakstad engaged in a scheme to trade in advance of Illumina’s release of confidential revenue information. In exchange for extravagant gifts, Bustos allegedly tipped Blakstad in advance of four quarterly Illumina financial performance announcements from April 2016 to July 2018. Based on those tips of inside information, Blakstad allegedly purchased Illumina securities using accounts held by business associates and acquaintances to conceal his involvement. According to the SEC’s complaint, Blakstad personally realized approximately $4 million from the illicit trading and tipped at least four other friends and business associates who made $2.2 million in profits from Illumina trading.
‘Enforcement 40’ for 2020
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