Brentwood Man Sentenced to 2-Year Prison Term for Insider Trading Scheme
A man from Brentwood has been sentenced to two years in federal prison for his part in an insider trading scheme that brought in over $650,000 in illegal profits. Shahriyar Bolandian, 36, was found guilty of six counts of insider trading in April 2024 by the U.S. Department of Justice. Between 2012 and 2013, Bolandian had access to non-public information about upcoming acquisitions by publicly traded companies.
Taking advantage of this inside information, Bolandian made trades before the public announcements of Integrated Device Technology Inc.’s acquisition of PLX Technology Inc. in April 2012, and Salesforce.com Inc.’s acquisition of ExactTarget Inc. in June 2013.
Bolandian personally profited $450,000 from these illegal trades, using the money to cover trading losses and repay loans to family and friends. In August 2015, the U.S. Securities and Exchange Commission filed a civil complaint against Bolandian and others involved in the scheme, with the litigation still ongoing.
U.S. Attorney Martin Estrada emphasized the seriousness of insider trading, stating that those who engage in such activities will face consequences. In a separate trial, Kevan Sadigh, formerly of Encino, now residing in Miami, was sentenced to two years of probation and ordered to forfeit a sum of money after being found guilty of seven counts of insider trading. Sadigh’s personal share of the profits was approximately $200,000.
