U.S. Attorney E. Martin Estrada | U.S. Department of Justice
U.S. Attorney E. Martin Estrada | U.S. Department of Justice
A Brentwood man has been sentenced to two years in federal prison for participating in an insider trading scheme that generated over $650,000 in illegal profits. Shahriyar Bolandian, aged 36, received his sentence from United States District Judge Terry J. Hatter Jr. A forfeiture order will be determined at a later date.
In April 2024, after a five-day trial, a jury found Bolandian guilty on six counts of insider trading. "This defendant – now a convicted felon – illegally traded on inside information to enrich himself and others," stated United States Attorney Martin Estrada. He warned that those manipulating financial markets should expect consequences.
Bolandian's offenses occurred in 2012 and 2013 when he accessed confidential information about upcoming corporate acquisitions by publicly traded companies. Using this information, he traded 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.
His illegal activities earned him $450,000, which he used to cover previous trading losses and repay loans to family and friends. The United States Securities and Exchange Commission filed a civil complaint against Bolandian and others involved in the scheme in August 2015; this litigation is still pending.
Judge Hatter also sentenced Kevan Sadigh, formerly from Encino and now residing in Miami, to two years of probation with forfeiture set at $36,684 and a money judgment amounting to $206,525. Sadigh was found guilty on seven counts of insider trading during a separate trial held in July 2024. His share of the illicit gains was approximately $200,000.
The Corporate and Securities Fraud Strike Force is tasked with investigating complex corporate and securities fraud cases involving criminal conduct by corporate executives and other individuals. They focus on accounting fraud, insider trading, and issues affecting the financial system and trading markets.
The FBI conducted the investigation into this case. Assistant United States Attorneys Andrew M. Roach from the General Crimes Section and Solomon D. Kim from the Major Frauds Section, along with Trial Attorney Della Sentilles from the Justice Department’s Criminal Division’s Fraud Section, prosecuted this case.
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