Gene Levoff was previously the Senior Director of Corporate Law and Corporate Secretary at Apple. It turns out the lawyer used insider information in all the wrong ways.
The United States Securities and Exchange Commission (SEC), has officially filed an insider trading lawsuit against Levoff. That’s the report from CNBC on Wednesday. It states that Levoff traded on material “nonpublic information” about Apple’s earnings three different times “during 2015 and 2016”. There were instances back in 2011 and 2012 as well. The lawsuit was filed in the U.S. District Court of New Jersey this week.
“Gene Levoff, senior director of corporate law and corporate secretary until September, traded on material nonpublic information about Apple’s earnings three times during 2015 and 2016, according to the lawsuit Tuesday in the U.S. District Court of New Jersey.
Levoff also had a previous history of insider trading, having traded on Apple’s material nonpublic information at least three additional times in 2011 and 2012. For the trading in 2015 and 2016, Levoff profited and avoided losses of approximately $382,000, the complaint says.”
The lawsuit says that Apple officially fired Levoff in September of last year. While serving at Apple, Levoff was “responsible for Apple’s compliance with securities laws”. And now the former Apple lawyer has run afoul of the SEC for insider trading.
This is not the only former Apple employee to run into law enforcement. We reported recently that a second individual had been charged with stealing secrets pertaining to Apple’s “Project Titan” automated car endeavor. The first person was arrested earlier in 2018.
The story is still developing at the time of publication, and Apple has yet to comment on the charges against its former lawyer.[via CNBC]