Friday, October 30, 2020

Former Apple lawyer indicted on insider trading charges

-

Former Apple lawyer Gene Levoff was indicted on insider trading charges, the U.S. Attorney in New Jersey said in a press release on Thursday.

The government in its indictment alleges that Levoff used inside information from Apple, including financial results before they were published, to trade Apple stock. He’s facing six counts of securities fraud and six counts of wire fraud.

“This scheme to defraud Company-1 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,” according to the press release.

It continued: “When Levoff discovered that Company-1 had posted strong revenue and net profit for a given financial quarter, he purchased large quantities of stock, which he later sold for a profit once the market reacted to the news.”

- Advertisement -

Levoff was one of Apple’s top lawyers. He started at Apple in 2008 and was a senior director of corporate law from 2013 until 2018, according to the indictment. The trades mentioned in the indictment occurred between 2011 and 2016.

One of his responsibilities at Apple was making sure that Apple employees didn’t do any insider trading. “Levoff’s responsibilities included ensuring compliance with Company-1′s Insider Trading Policy,” according to the indictment.

The indictment alleges that Levoff traded stock during a “blackout” period, when employees can’t buy or sell stock, and that he informed Apple employees about the blackout period during the same time frame he was trading Apple stock.

The SEC previously charged Levoff in February in a civil case. Thursday’s indictment is criminal, and each count carries a maximum penalty of 20 years in prison in addition to fines.

- Advertisement -

Apple declined to comment.

“After being contacted by authorities last summer we conducted a thorough investigation with the help of outside legal experts, which resulted in termination,” Apple said about the case in February.

“We look forward to vigorously defending Mr. Levoff with respect to these allegations,” a lawyer for Levoff told CNBC.

MUST READ

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Bribery trial of former San Angelo police chief Tim Vasquez delayed until 2021

The trial of former San Angelo police chief Tim Vasquez will not happen until 2021, according to court documents. The trial, originally set for...

Former Columbus mayor Eisenga charged with bank fraud

A former Columbus mayor and businessman who was once at the center of a controversial bill aimed at reducing child support payments for wealthy...

Former Jacksonville City Council members set for sentencing in fraud case

Former Jacksonville City Council members Katrina Brown and Reggie Brown are scheduled to be in federal court Tuesday to begin a hearing on their...

Former President of nuclear transportation company gets prison in scheme to bribe Russian official

A Maryland businessman convicted of plotting to pay a Russian official more than $1.5 million in bribes to get lucrative contracts for transporting uranium...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks