Security News > 2023 > August > Tech CEO admits role in tricking Qualcomm into $150M takeover

The former chief executive of a company that was sold to Qualcomm for more than $150 million has pleaded guilty to one count of money laundering relating to a $1.5 million transaction involving proceeds from the deal.

Sanjiv Taneja was CEO at startup Abreezio, for which Qualcomm agreed to pay roughly $180 million, $150 million of which was paid in cash in October 2015.

Prosecutors claimed in the original indictment that the company's supposedly proprietary technology had allegedly been developed and provisionally patented by one of the other defendants, Qualcomm's now ex-vice president of research and development, Karim Arabi, while he was employed by the tech giant, as The Register reported last year.

As is often the norm in US companies, Arabi's employment agreements are understood to have included the proviso that inventions he developed during his tenure would become the property of his employer, Qualcomm.

In his plea deal, Taneja also admitted to allegations he'd obtained details regarding the capabilities of Qualcomm's existing technology from Arabi to try to improve Abreezio's marketing pitch, and that he referred to Arabi by a different name when contacting him to conceal the latter's involvement in the company.

The Attorney's Office states Taneja admitted that Arabi directed him to delete emails relating to the scheme once Qualcomm started investigating the Abreezio transaction.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/08/15/abreezio_ceo_qualcomm_deal/