Former Qualcomm executive vice president and president of global business operations Jing Wang pleaded guilty on Monday, July 21, to multiple charges of insider trading and money laundering.
Wang had been warned during his time at Qualcomm not to use non-public information in his stock trades but nonetheless executed three trades involving his company and Atheros, a semiconductor manufacturer that was acquired by Qualcomm in 2011.
With the assistance of former local Merrill Lynch stockbroker Gary Yin, Wang laundered close to $525,000 through the British Virgin Islands, where his brother Bing allegedly controlled a secret account that generated nearly $250,000 in ill-gotten profits.
"Not satisfied with his lucrative executive position at Qualcomm, Jing Wang traded on insider information about the company’s acquisitions and earnings to gain an illegal advantage in the financial market,” said assistant attorney general Leslie R. Caldwell in an announcement trumpeting the plea.
Stockbroker Yin had already entered a guilty plea with regard to the transactions and is scheduled to be sentenced in September. Jing's sentencing date is set for November 2014, while Bing has yet to be located and is believed to be residing somewhere in China.