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The Securities and Exchange Commission today (July 20) charged Andres Leyva, former director of strategic marketing analysis for San Diego's Qualcomm, with insider trading. The federal agency charges that on July 23 of last year, Qualcomm and Nokia were set to begin a trial to determine whether Nokia owed Qualcomm substantial royalty payments. The day before, a senior Qualcomm executive informed Leyva that Nokia would increase an upfront payment to Qualcomm from $500 million to $2.5 billion. The case would be settled. Leyva purchased 80 Qualcomm call option contracts. On July 24, after the announcements had been made, Qualcomm stock shot up 17%. Leyva sold his options and pocketed $34,739.98, says the SEC, which seeks disgorgement of his profits, civil penalties and a permanent injunction against Leyva breaking securities laws.
The Securities and Exchange Commission today (July 20) charged Andres Leyva, former director of strategic marketing analysis for San Diego's Qualcomm, with insider trading. The federal agency charges that on July 23 of last year, Qualcomm and Nokia were set to begin a trial to determine whether Nokia owed Qualcomm substantial royalty payments. The day before, a senior Qualcomm executive informed Leyva that Nokia would increase an upfront payment to Qualcomm from $500 million to $2.5 billion. The case would be settled. Leyva purchased 80 Qualcomm call option contracts. On July 24, after the announcements had been made, Qualcomm stock shot up 17%. Leyva sold his options and pocketed $34,739.98, says the SEC, which seeks disgorgement of his profits, civil penalties and a permanent injunction against Leyva breaking securities laws.