Sept. 24 (Bloomberg) -- A former Merrill Lynch & Co. broker pleaded guilty to charges that he participated in an insider trading scheme with an ex-president of Qualcomm Inc.’s global business operations.
Gary Yin, 54, entered his plea today at a hearing in San Diego federal court, according to a statement from U.S. Attorney Laura Duffy. He admitted to obstruction of justice and said he laundered money for Jing Wang, the former Qualcomm executive who was charged yesterday with insider trading.
Yin said in his plea agreement he helped Wang, 51, hide his illegal trading in shares of Qualcomm and a company the mobile-phone chipmaker bought in 2011 by setting up a brokerage account for a shell company based in British Virgin Islands. Yin said he also travelled to China to prepare Wang’s brother for a cover-up story to hide the Qualcomm executive’s trades.
Yin is scheduled to be sentenced Dec. 16, according to the U.S. attorney’s statement. He faces as long as five years in prison for conspiracy.
Yin’s lawyer, Frank Vecchione, didn’t immediately return a call to his office for comment on the plea agreement.
The case is U.S. v. Yin, 13-cr-03488, U.S. District Court, Southern District of California (San Diego).
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