SEC v. Donald G. Blakstad (2020)

Settled

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The Southern District of New York entered a final consent judgment against Donald Blakstad and Energy Sources International on April 11, 2023, and an amended judgment against Xact Holdings on December 7, 2022. Blakstad had been convicted at trial and sentenced to 36 months in prison.

The record

What was ordered

Civil penalty

—

Disgorgement

$1.6m

Prejudgment interest

$83.2k

Total relief

$1.7m

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The SEC alleged that between July 2015 and May 2019 Blakstad made false statements about the use of proceeds and operations of Energy Sources International and Xact Holdings, and spent investor funds on entertainment, a night club stake and a luxury car. The complaint charges offering fraud. The insider-trading tag has been removed because this case does not allege it.

Outcome. Litigation release 25697 (April 18, 2023) reports that Blakstad consented to an injunction against fraud violations, an officer-and-director bar and disgorgement of $669,000, $108,683 and $806,106 tied to three strands of the conduct, with $49,250, $9,488 and $24,494 in interest. Some of this is deemed satisfied by criminal restitution and forfeiture, and the Energy Sources amount is shared jointly with that company. Energy Sources consented to an injunction and the shared amount; Xact consented to a $750,000 disgorgement judgment deemed satisfied by funds already deposited with the court. Blakstad was convicted at trial and received 36 months in prison, $4,518,103 forfeiture and $669,000 restitution. The stored totals are Blakstad's own figures; the Xact sum is not added.

Timeline

1. 2020-01-08 Litigation release published
2. 2023-04-11 Final consent judgments entered against Blakstad and Energy Sources International

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• SEC litigation release 25697 (final judgments)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Record added September 10, 2026. submit a correction.