Insider Trading: Ex-Qualcomm exec jailed, fined $500k

WASHINGTON: A former high-ranking executive of US computer chip giant Qualcomm was fined $500,000 and sentenced to 18 months in prison on Friday for insider trading, US officials said. Jing Wang, 52, who was the former executive vice president and president of global business operations at Qualcomm pleaded guilty last July to insider trading charges, including trades on a 2011 deal for Atheros Communications, the Justice Department said. He had also pleaded guilty to laundering the proceeds of his insider trading using an offshore shell company. “Jing Wang gained unique access to information about the company’s earnings and intended acquisitions and illegally exploited that inside information for personal gain,” Assistant Attorney General Leslie Caldwell said in a statement. Wang, of Del Mar, California, committed insider trading on three separate occasions over a 10-month period in 2010 and 2011, prosecutors said.

Published in The Express Tribune, June 28^th, 2015.

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