A San Diego man pleaded guilty in federal court on Thursday for his role in a fraudulent $150 million deal that tricked Qualcomm into purchasing a technology it technically owned already. Ali Akbar Shokouhi, 64, pleaded guilty to one count of money laundering related to proceeds from a transaction with the local technology giant, Qualcomm. Last year, a federal grand jury indicted four people, including Shokouhi, Karim Arabi and Sanjiv Taneja. Recently, Taneja, 60, pleaded guilty in the case.
Under terms of Arabi’s employment agreement, intellectual property created while he was on Qualcomm’s payroll belonged to the company. Arabi was a Qualcomm employee while the deal was being negotiated and through its sale in October 2015. By concealing his involvement, the startup’s leaders could claim the company was an “angel-funded” outside firm. Arabi left Qualcomm in June 2016 after working there on and off for nine years.
Technology Technology Latest News, Technology Technology Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: 10News - 🏆 732. / 50 Read more »