Ex-broker pleads guilty to role in Qualcomm trades
- Associated Press
- September 24, 2013 - 3:30 PM
SAN DIEGO — A former stockbroker has pleaded guilty in San Diego to a role in alleged insider trading by a former senior executive at Qualcomm Inc.
Gary Yin pleaded guilty Tuesday to one count of conspiracy in an agreement with prosecutors that limits his sentence to a maximum of five years in federal prison. The 54-year-old former Merrill Lynch broker says he set up an account in the British Virgin Islands for Jing Wang, the wireless technology company's former president of global business operations.
Yin says he arranged for his client to buy stock in Qualcomm and an acquisition target during 2010 and 2011. Prosecutors say Wang profited nearly $250,000 from three purchases based on company news before it became public.
Wang pleaded not guilty Monday to insider trading and other charges.
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