Tuesday, September 24, 2013

Former Qualcomm Exec Faces Charges In Insider Trading Case

The Securities and Exchange Commission has charged a former executive at San Diego's Qualcomm, with trading stock in the company ahead of major announcements, via a secret offshore brokerage account. According to the SEC, Jing Wang, the former Executive Vice President of President of Global Business Operations at Qualcomm, made more than a quarter million dollars in profits from his insider trading, via a secret, offshore brokerage account. The SEC also charged his financial advisor, Gary Yin. The U.S. Attorney's Office for the Southern District of California has also filed criminal charges against the two. The SEC detailed a lengthy list of instances of insider trading by Wang, including trading on the acquisition of San Jose-based Atheros Communications.