SEC v. Ashish Aggarwal, et al. (insider trading, 2015)

Settled

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The SEC's August 2015 insider trading case over J.P. Morgan deal information, against analyst Ashish Aggarwal, Shahriyar Bolandian and Kevan Sadigh, produced a judgment against Aggarwal on 3 February 2025 and a consent judgment against Sadigh on 20 March 2026, both in the Central District of California. Aggarwal owes $6,000 in disgorgement, $3,361 in interest and an $18,000 penalty; Sadigh's $108,120 in disgorgement is deemed satisfied by criminal forfeiture. The outcome for Bolandian was not checked.

The record

What was ordered

Civil penalty

$18k

Disgorgement

$114k

Prejudgment interest

$3.4k

Total relief

$135k

Alleged gain

$672k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on August 25, 2015 as release LR-23327. The respondents named are Ashish Aggarwal, Shahriyar Bolandian and Kevan Sadigh (3 individuals, 0 entities). The action was brought in the U.S. District Court, Central District of California.

This library tags the matter as insider trading, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The conduct is recorded against options.

The release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

On 3 February 2025 the court entered a final judgment against Aggarwal enjoining him from violating the antifraud rules and ordering $6,000 in disgorgement, $3,361 in prejudgment interest and an $18,000 civil penalty, $27,361 in all. On 20 March 2026 it entered a final consent judgment against Sadigh, enjoining him under Section 10(b), Rule 10b-5, Section 14(e) and Rule 14e-3 and ordering $108,120 in disgorgement, deemed satisfied by a forfeiture order in a parallel criminal case, United States v. Sadigh. The date recorded is that later judgment. The stored amounts add the two judgments. I did not find or read a judgment against Shahriyar Bolandian or the relief defendants Farhad and Pardis Bolandian, so this page does not say how the case ended for them, and the criminal sentences are not stated in these sources.

For the regulator's own account of the facts, read the primary documents linked above. This page summarises the structured record and does not reproduce them.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2015-08-25 Litigation release published
2. 2025-02-03 Final judgment entered against Aggarwal (C.D. Cal.)
3. 2026-03-20 Final consent judgment entered against Sadigh (C.D. Cal.)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• Final judgment as to Ashish Aggarwal (3 Feb 2025)
• SEC litigation release 26504 (final consent judgment against Sadigh)
• Final judgment as to Kevan Sadigh (20 Mar 2026)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.