Home

Derek Cohen and Robert Herman Charged With Insider Trading
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Two former Qualcomm Inc. sales directors Derek Cohen and Robert Herman, both 52, were charged with four counts of securities fraud, according to a statement by the U.S. Attorney’s Office in San Diego.

According to the indictment, Derek Montague Cohen and Robert William Herman were both directors of Qualcomm’s North America Sales Department. In addition to their day jobs, they were also part of an informal stock trading group, sharing tips and opinions about the stock market.

  
What
Where


Bloomberg News reported that the sales directors were charged with insider trading, allegedly making $230,000 in profit from trades in Atheros Communications Inc. when Qualcomm bought the company back in 2011.

It has been reported that the Securities and Exchange Commission has filed a parallel lawsuit against both Derek Cohen and Robert Herman as well as a third former Qualcomm salesman, Michael Fleischli, 43, who was also charged with insider trading by the U.S. Securities and Exchange Commission, according to ABC News.

Michele Wein Layne, director of SEC’s Los Angeles Regional Office, said, “As alleged in our complaint, Qualcomm placed trust in these sales managers who proceeded to exploit the confidential information shared with them and conduct insider trading for their personal gain.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Derek Cohen’s attorney, John Kirby, said that according to ABC News, “We do not believe these charges are well-founded, and we believe Derek will be fully exonerated at trial.”

A spokeswoman for the San Diego-based company, Christine Trimble, said yesterday in an e-mailed statement that according to Bloomberg News, “The defendants named in the complaint are no longer employed by Qualcomm.” Christine Trimble reported that “We have been fully cooperating with the government’s investigation and these matters will now be addressed through the legal system.”



According to FBI.gov, United States Attorney Laura E. Duffy has said that, “Insider trading is a threat to public companies and investors alike. 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.”

Image credit: www.abc15.com



 

RELEVANT JOBS

Immigration Attorney in Chicago IL

USA-IL-Chicago

A Chicago based Immigration law firm dedicated 100% to immigration law with two offices in...

Apply now

Licensed Virginia Attorney

USA-DC-Washington

Small real estate law firm seeks to fill a full-time position for a Virginia licensed attorney with ...

Apply now

Licensed Virginia Attorney

USA-VA-Charlottesville

Small real estate law firm seeks to fill a full-time position for a Virginia licensed attorney with ...

Apply now

Licensed Virginia Attorney

USA-VA-Norfolk

Small real estate law firm seeks to fill a full-time position for a Virginia licensed attorney with ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Public Finance Associate Attorney

USA-WA-Seattle

Seattle office of a BCG Attorney Search Top Ranked Law Firm seeks a public finance associate attorne...

Apply Now

Complex Civil Litigation Associate Attorney

USA-NY-New York City

New York City office of boutique firm seeks associate attorney with 4-6 years of complex civil litig...

Apply Now

Mid-Senior level Corporate Capital Markets/Securities Associate Attorney

USA-IL-Chicago

Chicago office of a BCG Attorney Search Top Ranked Law Firm seeks mid-senior level corporate capital...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top