Stockbroker admits role in insider trading scheme
SAN DIEGO — A former Merrill Lynch stockbroker pleaded guilty today to conspiring with a one-time Qualcomm senior executive and his brother in an insider trading scheme that allegedly netted the Qualcomm executive about $250,000 in illegal profits.
Gary Yin, 54, faces up to five years in prison when he is sentenced Dec. 16 by U.S. District Judge William Q, Hayes.
Yin pleaded guilty a day after he was charged in federal court. He also admitted to obstructing a formal Securities and Exchange Commission investigation and laundering the proceeds of the insider trading scheme.
Assistant U.S. Attorney John Parmley told Magistrate Judge Nita Stormes that Yin conspired with Jing Wang, a former executive vice president and president of Global Business Operations for Qualcomm, to conceal Wang’s control of a Merrill Lynch account in the name of Unicorn Global Enterprises that Wang had used to engage in illegal insider trading.
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