A federal jury in Los Angeles has convicted Shahriyar Bolandian, a 35-year-old resident of Brentwood, Los Angeles, for his involvement in an insider trading scheme that generated over $650,000 in unlawful profits.

Bolandian received material non-public information about two impending corporate acquisitions from a childhood friend employed as an investment banking analyst at J.P. Morgan Securities LLC.

Details of the Insider Trading Scheme:

Court documents and trial evidence revealed that between 2012 and 2013, Bolandian leveraged insider information about 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.

He used this privileged information to execute trades ahead of public announcements, reaping personal gains exceeding $340,000.

Legal Ramifications and Sentencing:

Bolandian was convicted on six counts of insider trading, with sentencing scheduled for July 15. Each count carries a maximum penalty of 20 years in prison.

A federal district court judge will determine Bolandian’s sentence, considering factors such as the U.S. Sentencing Guidelines and other statutory considerations.

Official Statements and Acknowledgements:

Principal Deputy Assistant Attorney General Nicole M. Argentieri, U.S. Attorney Martin Estrada for the Central District of California, and Acting Assistant Director in Charge Mehtab Syed of the FBI Los Angeles Field Office jointly announced the verdict.

The FBI conducted the investigation, while Trial Attorney Della Sentilles from the Criminal Division’s Fraud Section and Assistant U.S. Attorney Ali Moghaddas for the Central District of California prosecuted the case.