A Brentwood man was sentenced Monday to two years in federal prison for his role in an insider trading scheme that netted more than $650,000 in illegal profits.
Shahriyar Bolandian, 36, was convicted in April 2024 in Los Angeles federal court of six counts of insider trading, according to the U.S. Department of Justice.
In 2012 and 2013, Bolandian received non-public information about two upcoming corporate acquisitions by publicly traded companies, according to federal prosecutors.
Bolandian then used the inside information to trade in advance of the public announcements of Integrated Device Technology Inc.’s April 2012 planned acquisition of PLX Technology Inc., and Salesforce.com Inc.’s June 2013 acquisition of ExactTarget Inc., prosecutors said.
As a result of his illegal trades, Bolandian’s personal share of the scheme’s illicit proceeds was $450,000, which he used, among other things, to cover previous trading losses and repay loans to family and friends, according to evidence.
The U.S. Securities and Exchange Commission in August 2015 filed a civil complaint against Bolandian and others in connection with the scheme. That litigation remains pending.
“This defendant — now a convicted felon — illegally traded on inside information to enrich himself and others,” U.S. Attorney Martin Estrada said in a statement. “All those who seek to get rich by manipulating the financial markets and taking advantage of others should think again — there will be consequences for this misconduct.”
Also on Monday, Kevan Sadigh, 37, formerly of Encino and now a Miami resident, was sentenced to two years of probation and ordered forfeiture in the amount of $36,684 and a money judgment in the amount of $206,525, the DOJ said.
In a separate trial, a jury in July 2024 found Sadigh guilty of seven counts of insider trading. Sadigh’s personal share of the illicit proceeds was about $200,000, according to the DOJ.