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Ex-Qualcomm sales directors charged with insider trading

Two former Qualcomm Inc. sales directors were charged with insider trading, allegedly making $230,000 in profits from trades in Atheros Communications Inc. when Qualcomm bought the company in 2011.

Derek Cohen and Robert Herman, both 52, were charged with four counts of securities fraud, according to a statement Monday by the U.S. Attorney’s Office in San Diego. They invested more than $500,000 in Atheros stock and options after they learned Qualcomm would be buying the company and before the acquisition was announced, according to the statement.

“This indictment should send a message throughout Southern California and beyond: The Department of Justice will not tolerate the manipulation of the securities markets for cynical and selfish personal gain,” U.S. Attorney Laura Duffy said in the statement.

The Securities and Exchange Commission filed a parallel lawsuit against both men as well as a third former Qualcomm salesman. Cohen was arrested two days ago at Los Angeles International Airport, after he returned from a trip to the Philippines, and pleaded not guilty at an arraignment hearing Monday, according to the statement. Herman is at large, prosecutors said.

An ex-president of Qualcomm Inc.’s global business operations was charged in September with taking part in an insider-trading scheme involving shares of the mobile-phone chipmaker as well as those of Atheros.

The case is U.S. v. Cohen, 14-cr-01202, U.S. District Court, Southern District of California (San Diego).

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Qualcomm Inc.

Company Website

5775 Morehouse Dr.
San Diego, CA 92121

Company Trade Data

Stock Symbol Close
Change
Chg %Chg
Volume
52-Week
High Low
QCOM
59.91
  0.65  
+ 1.10%
8,924,775,000
78.53
52.17

Insider Trade Data

Date Insider Shares Type Value
10/05/2015 Renduchintala, Venkata S 2,700 Sell $150,066
10/05/2015 Renduchintala, Venkata S 2,700 Sell $150,066
10/01/2015 Amon, Cristiano Renno 2,737 Sell $146,621
10/01/2015 Amon, Cristiano Renno 2,737 Sell $146,621
09/11/2015 Vinciquerra, Anthony J 1,000 Purchase $54,700

Qualcomm Inc. Executive(s):

Irwin Mark Jacobs

  • Founding Chairman, CEO Emeritus

Paul Jacobs

  • Executive Chairman

Tamar Elkeles

  • Vice President

Don Jones

  • Vice President

Don Rosenberg

  • General Counsel

Mark Leslie

  • Vice President, External Affairs

Steven Altman

  • Vice Chairman

Steve Mollenkopf

  • Chief Executive Officer

Derek Aberle

  • President

Navrina Singh

  • Director of Product Management

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2012