Jing Wang, the former executive VP and president of global operations for Qualcomm, was sentenced Friday (June 26) to 18 months in prison and a $500,000 fine for insider trading.
“Through his position as a high-ranking executive at Qualcomm, Jing Wang gained unique access to information about the company’s earnings and intended acquisitions and illegally exploited that inside information for personal gain,” said assistant attorney general Leslie Caldwell of the decision. “He then enlisted the services of others – his stock broker and his brother – to cover up the scheme. This prosecution demonstrates the Criminal Division’s commitment to holding accountable corporate executives who would undermine the integrity of the financial marketplace.”
Wang pleaded guilty in July 2014 to insider trading, money laundering and obstruction of justice for a three-year scheme to trade on insider info about Qualcomm, including making a trade only hours after the Qualcomm board approved an offer, which was not public, to buy a wireless communications semiconductor developer.
The sentence was handed down by a U.S. District Court for the Southern District of California.
Wang's broker, Gary Yin, has already pleaded guilty to money laundering and obstruction of justice charges. He is being sentenced July 17. Yang's brother, Bing, has been charged in connection with the scheme and there is an international warrant out for his arrest.
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