Jing Wang, 51, of Del Mar, Calif., a former executive vice president and president of global business operations for Qualcomm, was charged with insider trading in shares of both Qualcomm and Atheros Communications using a secret brokerage account and an offshore shell company in the British Virgin Islands.
Mr. Wang was also charged with conspiring with his brother, co-defendant Bing Wang, 53, and his former stock broker to obstruct an ongoing U.S. Securities and Exchange Commission (SEC) investigation and laundering the proceeds of his insider trading using a second offshore shell company and secret brokerage account.
Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division and U.S. Attorney Laura E. Duffy of the Southern District of California made the announcement.
Mr. Wang was taken into custody by the FBI on the charges. A warrant has been issued for the arrest of Bing Wang, who is believed to be a citizen and resident of China. The former stock broker, Gary Yin, was charged with conspiracy in a criminal information.
You can find the specifics of the charges and additional information on the Department of Justice website here.