SAN DIEGO (AP) - San Diego federal prosecutors say a former Qualcomm Inc. executive has been sentenced to 18 months in prison and fined $500,000 for insider trading.
SAN DIEGO (AP) — San Diego federal prosecutors say a former Qualcomm Inc. executive has been sentenced to 18 months in prison and fined $500,000 for insider trading.
Jing Wang was sentenced Friday for profiting off the wireless technology company's confidential information and covering up his crimes.
The former global business operations president pleaded guilty in July to charges of insider trading, money laundering and obstruction of justice.
Prosecutors say Wang made three trades based on insider information.
One trade involved a purchase of stock in Atheros Communications Inc. before it was reported that Qualcomm would buy the company for $3.1 billion.
Prosecutors say Wang and his stockbroker tried to blame the trades on Wang's brother, who lives in China. The brother is wanted on an international warrant for his role in the scheme.