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Former Qualcomm EVP Charged with Insider Trading

According to reports in the media, one of Qualcomm’s former Executive Vice Presidents was charged with insider trading during the time that he was with the company. There is a good chance that he is no longer with the company for the very reason why he was charged. Jing Wang during his time at Qualcomm held the title of EVP & President-Global Business Operations at QUALCOMM, Inc. He was also a member of the Board of Directors at Qualcomm Wireless Communication Technologies (China) Ltd., Qualcomm Wireless Semi-Conductor Technologies Ltd., and Tianyi BREW Technologies Ltd. Mr. Wang was previously employed as Chairman by Qualcomm Asia Pacific and Chairman by Qualcomm Greater China.

The charges were also accompanied by charges of money laundering and obstruction, since he was trying to cover his tracks and protect himself from a government probe. Interestingly enough, you can see some of his public trades (the ones he didn’t do through his Merrill Lynch broker) on Marketwatch’s website since he’s an executive and all of his trades must be public.

The way he got around this was by claiming that the off-shore account was owned by his brother and not himself and he would trade based on insider information that he was privy to. Additionally, he would pass on this information to his broker to enable him to also benefit from this information. It remains to be seen how much money Mr. Wang made from his insider trading, but by looking at the volume and value of the shares he traded publicly, it’s likely in the millions.