Brentwood Man Found Guilty of Insider Trading

LOS ANGELES – A Brentwood man has been found guilty by a jury of participating in an insider trading scheme that netted more than $650,000 in illicit profits, the Justice Department announced today.

Shahriyar Bolandian, 35, was found guilty Tuesday of six counts of insider trading.

According to court documents and evidence presented at a five-day trial, in 2012 and 2013, Bolandian received material non-public information about two upcoming corporate acquisitions by publicly traded companies. 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’s personal share of the scheme’s illicit proceeds was more than $340,000, which he used, among other things, to cover previous trading losses and repay loans to family and friends.

United States District Judge Terry J. Hatter Jr. scheduled a July 15 sentencing hearing, at which time Bolandian will face a statutory maximum sentence of 20 years in federal prison for each count.

The FBI investigated this matter.

Assistant United States Attorney Ali Moghaddas of the Corporate and Securities Fraud Strike Force and Trial Attorney Della Sentilles of the Justice Department’s Criminal Division’s Fraud Section are prosecuting this case.