Apple Inside Trading Prevention Lawyer, Charged With Insider Trading
He was a top lawyer in Apple responsible for preventing insider trading, the only problem was that Gene Levoff was the man doing the insider trading in Apple stock according to US Government officials.
Gene Levoff who worked for Apple between 2008 and 2018 — allegedly used his access to inside information to secretly trade Apple stock.
According to a US Attorney in New Jersey Levoff allegedly flouted company rules which subjected him to regular blackout periods — during which he was not supposed to trade stock until Apple announced its earnings — and instead he traded on this confidential information.
When he got hold of unpublished financial results, he moved to trade Apple stock the Feds claim.
When Apple had strong revenue in a quarter, he would buy large quantities of stock, which he would then sell after earnings were reported.
“This scheme to defraud [Apple] and its shareholders allowed Levoff to realize profits of approximately $227,000 on certain trades and to avoid losses of approximately $377,000 on others,” the government’s press release read.
Levoff’s responsibilities while senior director of corporate law “included ensuring compliance with [Apple’s] Insider Trading Policy,” according to the indictment.
Levoff was charged with six counts of wire fraud and six counts of securities fraud, each of which carries a max sentence of 20 years, as well as millions in fines.