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Stock trader gets prison sentence for insider trading and investment fraud
The United States Attorney for the Southern District of New York announced today that Donald Blackstad, a stock trader and the owner and principal of an investment fund known as Midcontinental Petroleum, was sentenced to 36 months in prison for committing insider trading and orchestrating a securities offering fraud scheme. Let’s recall that, in June 2021, a jury found Blackstad guilty of conspiracy, securities fraud, and wire fraud offenses following a two-week jury trial before U.S. District Judge Edgardo Ramos, who imposed today’s sentence. Midcontinental Petroleum Inc purported to be in the business of ... (full story)
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