https://9to5mac.com/2022/06/30/former-apple-exec-admits-to-insider-trading/

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Today

Former Apple exec tasked with enforcing insider trading rules admits
to insider trading

Chance Miller

- Jun. 30th 2022 1:31 pm PT

@ChanceHMiller

[Fired-Apple-lawyer-Gene-Levoff]
0

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Apple's former senior director of corporate law and corporate secrecy
has officially admitted to partaking in an insider trading scheme.
Gene Levoff was first indicted for insider trading in 2019, and while
he was initially fighting the charges, he has now admitted to his
role in these insider trading transactions.

[INS::INS]

Levoff started at Apple in 2008 and served as a senior director of
corporate law from 2013 until 2018. The trades in question were made
between 2011 and 2016, the indictment says.

As reported by Law360, Levoff has admitted to misappropriating
nonpublic information about Apple's financial information; he would
then use this information to make trades with Apple stock. In total,
the scheme allowed Levoff to generate $227,000 in profit and avoid
$377,000 in losses.

When Levoff would know that Apple had strong revenue and net profit
for a given financial quarter, he would purchase large quantities of
AAPL stock and sell it once the rest of the market reacted to the
news.

As we've said before, this case is incredibly ironic: one of Levoff's
responsibilities at Apple included enforcing the company's insider
trading policy. In fact, he even informed Apple employees about a
trading blackout period for AAPL stock, while also buying and selling
the stock himself.

The details of the punishment Levoff will face are still unclear, but
each count in the indictment carries a maximum penalty of 20 years in
prison.

FTC: We use income earning auto affiliate links. More.

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About the Author

[8ca0a5473c]

Chance Miller

@ChanceHMiller

Chance is an editor for the entire 9to5 network and covers the latest
Apple news for 9to5Mac.

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