A California man was sentenced Monday to two years in prison for his role in an insider trading scheme that netted more than $650,000 in illicit profits.
According to court documents and evidence presented at trial, between 2012 and 2013, Shahriyar Bolandian, 36, of the Brentwood neighbourhood of Los Angeles, received material non-public information about two upcoming corporate acquisitions from his childhood friend, who was an investment banking analyst at J.P. Morgan Securities LLC.
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.
As a result of his illegal trades, Bolandian personally made over $340,000, which he used, among other things, to cover previous trading losses and repay loans to family and friends.
In April 2024, a federal jury convicted Bolandian of six counts of insider trading.
