Qualcomm Biggie Pleads to Inside Trading
SAN DIEGO (CN) - A former top executive at Qualcomm pleaded guilty Monday to federal charges of inside trading and money laundering.
Jing Wang, 51, of Del Mar, faces up to 40 years in prison for securities fraud/insider trading and money laundering, the U.S. Attorney's Office said in a statement after his guilty plea.
Wang admitted he traded on inside information about Qualcomm and Atheros Communication, using a nominee brokerage account and an offshore shell company in the British Virgin Islands, prosecutors said.
"Wang also admitted laundering the proceeds of his insider trading using a second BVI shell company, and arranging with his brother and his former stock broker to obstruct investigations by the U.S. Securities and Exchange Commission and Federal Bureau of Investigation," the U.S. attorney said in the statement.
Prosecutors said Wang "laundered close to $250,000 in insider trading profits, and created a cover-up story to hide his crimes."
He will be sentenced on Nov. 17.