Brentwood Man Sentenced to 2 Years for Insider Trading Scheme
A Brentwood man has been sentenced to two years in federal prison for his involvement in an insider trading scheme that led to over $650,000 in illegal profits. Shahriyar Bolandian, 36, was found guilty of six counts of insider trading in April 2024 in Los Angeles federal court.
The scheme involved Bolandian receiving non-public information about two corporate acquisitions by publicly traded companies in 2012 and 2013. He used this inside information to trade before the public announcements of Integrated Device Technology Inc.’s planned acquisition of PLX Technology Inc. in April 2012, and Salesforce.com Inc.’s acquisition of ExactTarget Inc. in June 2013.
As a result of his illegal trades, Bolandian personally made $450,000 from the scheme. He used the proceeds to cover previous trading losses and repay loans to family and friends. The U.S. Securities and Exchange Commission filed a civil complaint against Bolandian in August 2015 in connection with the scheme, with the litigation still ongoing.
In a separate trial, Kevan Sadigh, 37, formerly of Encino and now residing in Miami, was sentenced to two years of probation. Sadigh was convicted of seven counts of insider trading, with his personal share of illicit proceeds totaling around $200,000.
U.S. Attorney Martin Estrada expressed that individuals engaging in insider trading for personal gain will face consequences, emphasizing that manipulating financial markets and taking advantage of others is illegal and comes with repercussions.
