The Securities and Exchange Commission announced Thursday (May 3) that former Merrill Lynch broker Gary Yin has been permanently barred from the brokerage business.
Yin helped a customer, Jing Wang, a former senior vice president of Qualcomm, make insider trades in Qualcomm-related securities, and launder the loot in a shell company in the British Virgin Islands tax haven.
The case was tried by criminal authorities. Wang admitted to making $244,000 in insider trading profits and was sentenced to 18 months in prison. Yin, sued by Wang, served no prison time, but was fined $5 million and ordered to pay $1.4 million to Merrill Lynch.