Qualcomm former executive vice president charged in financial scheme

Sep 23, 2013
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Qualcomm former executive vice president, Jing Wang, has been indicted by the U.S. government for obstruction of a federal investigation and for the use of insider information in a financial scheme for tax evasion and ill-gotten wealth. The former executive is no longer working at Qualcomm, reports Reuters, and was arrested earlier today by the FBI.

Jing Wang lives in Del Mar, California, where it is reported he worked alongside Gary Yin, a former broker for Merrill Lynch, in a financial scheme involving an offshore account that was disguised under Wang's brother's name. According to law enforcement, this offshore account was named such in an attempt to hide who it belonged to, and its purpose was tax evasion.

According to prosecutors, Wang then funneled information to his broker, using insider information that wasn't available to the public -- plans for business acquisitions, dividends, financial results, etc. -- to play the market. Both Wang and Yin have been hit with criminal charges, with the southern district of California's US Attorney confirming Wang's arrest at the hands of the FBI.

A warrant for arrest has also been issued for Wang's brother, Bing Wang, who is said to be both a citizen and resident of China. In addition to the offshore account -- which was located in the British Virgin Islands -- the financial scheme also aimed to make it appear the trades with insider information were made by Bing Wang.

Qualcomm, meanwhile, was not charged in the matter, and according to its General Counsel Don Rosenberg, has been working alongside the government in its investigation.

SOURCE: Reuters


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