Robert William Herman, formerly a director of the North America Sales Department of Qualcomm, pleaded guilty today (August 21) to insider trading.

Herman was secretly told by his Qualcomm supervisor that the company was contemplating an acquisition. He learned that the possible target was a company named Atheros; on January 4 of last year, Herman bought 4000 shares of Atheros and later the same day sold them for a profit of $29,318. He will be sentenced November 21.

In other news from the United States Attorney's Office, Svein Erik Ulsteen, a former executive of Anturion Limited (based in the offshore tax and secrecy haven of the Channel Islands), was sentenced to 46 months in prison for bilking investors of more than $2 million.

Ulsteen sold investors counterfeit and forged Anturion securities and cheated the Internal Revenue Service out of $400,000. He spent investors' money on things such as a yacht and BMW auto. He wanted to get back to his native Norway but U.S. District judge James Lorenz told him, "You're just a con man."

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Comments

Javajoe25 Aug. 21, 2014 @ 6:44 p.m.

Hooray and Hallelujah! A $cumbag takes a hit. 'Bout time and let's hope it sticks. I just hope he doesn't buy his way out. Wanted to go to Norway? The boys in the joint will show him some Norwegian wood and I don't think he's going to like it.

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Don Bauder Aug. 21, 2014 @ 8:12 p.m.

JavaJoe25: Judge Lorenz was quite firm. This fellow won't get back to Norway for some time. Best, Don Bauder

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Visduh Aug. 22, 2014 @ 11:25 a.m.

Where will he do his time? Lompoc? Pleasanton? I understand those, while still prisons, are not like having to serve time in a state slammer such as Calipatria or Chino or Tehachapi. and certainly not like Donovan. But jail is jail, and he'll emerge a much chastened man. Unemployable, too.

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Don Bauder Aug. 22, 2014 @ 11:50 a.m.

Visduh: Yes, Lompoc is a country club for white collar criminals. I don't know where he will do his time. Best, Don Bauder

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Visduh Aug. 21, 2014 @ 7:38 p.m.

The Qualcomm guy was a definite small-fry offender. A day trade that made him about $30K is not something that would usually have attracted any attention. We can assume he did nothing to cover his tracks and may have bragged to others about his "killing". The killing was to his career and employment at the company.

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Don Bauder Aug. 21, 2014 @ 8:14 p.m.

Visduh: Yes, $29k is not a big amount, but it is insider trading and it is illegal. He was told in confidence about the possible purchase. Guilty as charged. Best, Don Bauder

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monaghan Aug. 22, 2014 @ 12:40 p.m.

Channel Islands? Surely you mean the English Channel, not our own uninhabited California Channel Islands off Ventura.

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Don Bauder Aug. 22, 2014 @ 9:20 p.m.

danfogel: Channel Islands are not high on the list of world money centers (if they are on the list at all), and are not really considered a very enticing tax and secrecy haven, which is what they are. Best, Don Bauder

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Don Bauder Aug. 22, 2014 @ 9:12 p.m.

monaghan: Yes, the Channel Islands of Europe. They are a tax and secrecy haven, and are exempt from many European Union regulations. Best, Don Bauder

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