Jing Wang, Insider Trading & Money Laundering, California 2014
San Diego, California – In a shocking case of corporate greed and deceit, Jing Wang, former Executive Vice President and President of Global Business Operations for Qualcomm Inc., was sentenced to 18 months in prison and fined $500,000 for his role in a three-year insider trading scheme.
Wang, 52, pleaded guilty in July 2014 to insider trading, money laundering, and obstruction of justice charges for orchestrating a scheme to trade on confidential information of Qualcomm and covering up his criminal conduct.
“Jing Wang was a powerful insider at one of the world’s top corporations – but he threw it all away to make a few hundred thousand dollars,” said U.S. Attorney Laura Duffy. “While Wang has lost his power, his position and his freedom, the real losers here are investors who play by the rules, and our nation’s financial system, which is diminished with every one of these schemes.”
Through his position as a high-ranking executive at Qualcomm, Wang gained unique access to information about the company’s earnings and intended acquisitions and illegally exploited that inside information for personal gain.
In connection with his plea, Wang admitted to making three separate insider trades using a brokerage account in the name of his British Virgin Island shell company, Unicorn Global Enterprises. He bought company stock valued at approximately $277,000 before Qualcomm’s announcement of a dividend increase and stock repurchase, and also purchased stock in Atheros, a developer of semiconductors for wireless communications, after the Board approved a non-public offer to purchase the company.
Wang also pleaded guilty to money laundering for transferring the illegal proceeds from Unicorn’s account to an account of a new BVI shell company he controlled. He further admitted to obstructing justice by creating a false cover story in which he and co-conspirator Yin would blame Wang’s brother Bing Wang, who resides in rural China, for the insider trading and ownership of the Unicorn Account.
Defendant: Jing Wang
Criminal Charges: Insider Trading, Money Laundering, Obstruction of Justice
City and State: San Diego, California
Date: July 2014 (sentencing)
Sentence: 18 months in prison, $500,000 fine
Dollar Amounts: $277,000 (stock purchase), $481,000 (stock sale)
Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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