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Ex-Merrill Lynch broker booted from business

He helped ex-Qualcomm exec stash bucks offshore

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.

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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.

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Comments
8

Ahh, Yin and Yang, er Wang, were up to no good. But if you want to be an inside trader, you need to do it big, big enough to flee the US and avoid prison. This was a small fry bit of such trading, and I'd still wonder how they got caught. Of course Yin, with no employment prospects will just write a check for the $5 million fine and the $1.4 million restitition. Yeah, right!

May 7, 2018

Uhh, those guilty pleas date from 2014. What took so long to sentence them? It should have been over and done with years ago.

May 7, 2018

Visduh: Don't know. The SEC officially made the order Sept. 11 of last year but didn't release it to the public until May 3 of this year. Why, I don't know. Best, Don Bauder

May 8, 2018

Visduh: Yin of Merrill Lynch was nailed for concealing the offshore scams of Wang and his brother. It's possible they got caught by Merrill's offshore detection apparatus, but I don't know. Best, Don Bauder

May 8, 2018

As Gordon Gekko said: "Greed is right, greed works." That is, until you get caught and prosecuted.

May 7, 2018

The Feds go after small fry usually...Most often, the biggest crooks and Wall St fraudsters with the corner offices never take the fall...The have a fall guy take it for them...

May 8, 2018

SportsFan0000: Once in awhile the SEC nabs big fish, but not often.How about the large corporations with money parked offshore? They don't get hit. Best, Don Bauder

May 8, 2018

dwbat: Yes. I have been through it as a reporter dozens of times. Best, Don Bauder

May 8, 2018

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