Former Apple Lawyer Gene Levoff Pleads Guilty to Insider Trading

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According to a Department of Justice (DOJ) press release, former Apple vice president of corporate law Gene Levoff has admitted to six charges of securities fraud for insider trading (via The Verge).

The announcement claims that between February 2011 and April 2016, the former Apple lawyer “misappropriated substantial, nonpublic information about Apple’s financial results and then made trades affecting the company’s stock.”

Levoff also worked for Apple from September 2008 until July 2018 on the Disclosure Committee. He was meant to oversee other Apple employees’ compliance with the company’s insider trading procedures, including the implementation of “blackout periods” around the time of Apple’s earnings announcements, in his capacity as this position’s manager.

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Instead, he allegedly avoided losses of about $377,000 and obtained profits for himself of about $227,000. His employment with Apple was terminated in September 2018. On the basis of the same behavior, the SEC earlier lodged a civil lawsuit against Levoff.

Each of the six counts of securities fraud carries a maximum sentence of 20 years in prison and a fine of $5 million. Levoff will be sentenced on November 10.

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