A former Merrill Lynch & Co. broker who pleaded guilty to participating in an insider trading scheme with a Qualcomm Inc. executive was ordered to pay $1.4 million in restitution to the bank.
Gary Yin was also sentenced to time already served behind bars and forfeiture of $27,445, Assistant U.S. Attorney Eric Beste in San Diego said Tuesday in an e-mail.
Yin admitted in his September 2013 guilty plea to obstruction of justice and said he laundered money for Jing Wang, the former Qualcomm executive who was accused of making about $1 million off trades using nonpublic information. Wang was sentenced in June to 18 months in prison.
Yin’s lawyer, Frank Vecchione, didn’t immediately respond after regular business hours to phone and e-mail messages seeking comment on the sentence.
The case is U.S. v. Yin, 13-cr-3488, U.S. District Court, Southern District of California (San Diego).