SEC v. Donald G. Blakstad, Energy Sources International Corporation and Xact Holdings Corporation (2023)

Judgment entered

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In April 2023 the SEC announced final judgments against Donald Blakstad and two companies he controlled for fraudulently raising money from investors for a purported oil and gas company and a cryptocurrency mining operation. Blakstad was convicted at trial in 2021. The release mentions a separate insider trading case only in passing.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-25697
Date filed	2023-04-18
Date resolved	2023-04-18
Court	U.S. District Court, Southern District of New York
Status	judgment
Asset class	crypto
Criminal parallel	Yes: sentenced (Blakstad (convicted at trial 2021-06-08)), U.S. District Court, Southern District of New York
Sentence	3 years
Bars imposed	officer-and-director bar
Defendants	Donald G. Blakstad (individual) ; Energy Sources International Corporation (entity) ; Xact Holdings Corporation (entity)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: —
Disgorgement: $669k
Prejudgment interest: $49.3k
Total relief: $718k
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 Securities and Exchange Commission published litigation release 25697 on April 18, 2023.

Final judgments were entered in April 2023 against Blakstad and Energy Sources International and in December 2022 against Xact Holdings. The release says Blakstad diverted investor money to personal use and was convicted of securities and wire fraud conspiracies.

The insider trading mention refers to a different SEC action, so the tag has been removed. The earlier record also named 'No Respondents' as the defendant.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

2023-04-18 Litigation release published

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

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.

Date filed	Agency	Record	Status
2020-01-08	SEC	SEC v. Donald G. Blakstad (2020)	Settled
2023-04-18	SEC	SEC v. Donald G. Blakstad, Energy Sources International Corporation and Xact Holdings Corporation (2023)(this record)	Judgment entered

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.