LOS ANGELES — Shahriyar Bolandian, 36, of Brentwood, was sentenced today to 24 months in federal prison for his involvement in an insider trading scheme that generated more than $650,000 in illicit profits, according to the U.S. Attorney’s Office, Central District of California.
Between 2012 and 2013, Bolandian received material non-public information about two corporate acquisitions by publicly traded companies. He used this confidential information to trade on stocks ahead of the public announcements. The two acquisitions involved Integrated Device Technology Inc. and its planned purchase of PLX Technology Inc. in April 2012, and Salesforce.com Inc. acquiring ExactTarget Inc. in June 2013.
Bolandian made $450,000 in illicit profits through his illegal trades, which he then used to cover prior trading losses and repay loans to family and friends, the office confirmed. The U.S. Securities and Exchange Commission (SEC) filed a civil complaint against Bolandian and others in August 2015 in connection with the scheme.
U.S. Attorney Martin Estrada emphasized the seriousness of the offense: “This defendant – now a convicted felon – illegally traded on inside information to enrich himself and others. 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.”
In a related sentencing, Kevan Sadigh, 37, formerly of Encino and now residing in Miami, was sentenced to two years of probation. He was also ordered to forfeit $36,684 and pay a money judgment of $206,525. Sadigh personally earned $200,000 in illicit profits from the scheme, the office reported.
