Understanding China, One Blog at a Time

An American in China

The China Effect, Chinese Exec Sued for Insider Trading

Posted by w_thames_the_d on September 26, 2013


The Chinese do business around the world. As a consequence if this, they expose us to their thieving ways and corrupt acts. The following is an example of this.

Excerpt

(Beijing) – A former senior executive at U.S. wireless technology company Qualcomm Inc. has been detained in the United States for allegedly profiting nearly US$ 250,000 through insider trading.

Wang Jing, a 51-year-old native of China, was the former president of Qualcomm’s global business operations and an executive vice president. U.S. prosecutors said on September 23 that Wang had been indicted for insider trading, money laundering and obstruction of official proceedings.

The FBI took Wang into custody on September 23. He has pleaded not guilty. If convicted, Wang faces up to 2o years in prison.

Prosecutors say Qualcomm suspended Wang and launched an internal investigation in May 2012. A senior company executive said he resigned. 

Prosecutors say Wang used inside information to buy stocks in 2010 and 2011 in a conspiracy with former Merrill Lynch broker Gary Yin. At the time, Wang was the president of Qualcomm global business and in charge of its business in the Asia-Pacific, Africa and Middle East regions.

With access to non-public information about Qualcomm’s financial results, acquisition plans and dividends, Wang directed Yin conduct stock trades, prosecutors say.

Link

http://english.caixin.com/2013-09-26/100586677.html

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: