Ex-Qualcomm Manager Pleads Guilty To Insider Trading
A former Qualcomm sales director in San Diego has pleaded guilty to insider trading that netted him about $200,000.
Federal prosecutors say Derek Cohen entered the plea Thursday. He's facing up to 20 years in prison and a $5 million fine.
Authorities say the San Diego man and others used inside knowledge to buy stock before Qualcomm's 2011 acquisition of Atheros Communications and then sell it when the news caused the stock to rise.
He's agreed to forfeit his profit to the government.
Three other ex-executives, including former global business operations president Jing Wang, pleaded guilty earlier to either criminal or civil allegations. Wang awaits sentencing.
Cohen's co-defendant, Robert Herman, got community service, and Michael Fleischli reached a settlement with federal regulators.