Jing Wang, former executive VP and president of global business operations for wireless tech company Qualcomm, has pled guilty to charges of insider trading in shares of both Qualcomm and Atheros Communications, which Qualcomm had made a non-public offer to buy, according to the Justice Department.
He also pled guilty to laundering almost a quarter of a million dollars in ill-gotten gains from those insider trades in offshore shell companies.
“Jing Wang blatantly and repeatedly abused the trust placed in him by Qualcomm and the company’s shareholders,” said U.S. Attorney Laura Duffy. “To make matters worse, he then misused the financial system to conceal his insider trading profits and enlisted his brother and stock broker to obstruct several investigations."
Wang was indicted in September 2013. He pled guilty in a San Diego federal court Monday.