by Christopher Freeburn | September 24, 2013 11:57 am
A former Qualcomm (QCOM) senior executive has pleaded not guilty to charges of money laundering, conspiracy, insider trading, aggravated identify theft and obstruction.
The tech giant’s one-time president of global sales, Jing Wang, turned himself into the FBI on Monday. Prosecutors claim that Wang used an overseas trading account to purchase shares based on his inside knowledge of Qaulcomm’s activities. The government has also charged his brother and a San Diego stock broker in connection with the trades, the Associated Press notes.
A judge has released Wang on a $3 million bond, ordering that he not leave his home and remain under GPS tracking.
Wang resigned from Qualcomm in May. He had been placed on administrative leave a year earlier when the company began investigating the matter as part of a Foreign Corrupt Practices Act probe.
The government indicted Wang for twice acquiring Qualcomm shares based on his knowledge that the company would issue stronger-than-expected quarterly results. He also purchase shares of Atheros Communications after learning that the company would make a takeover bid for the firm.
A spokesperson for Qualcomm said the company was cooperating with the government, but would not comment on the specific allegations against Wang.
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