US prosecutors have indicted an ex top Apple lawyer with insider trading.
The lawyer named Gene Levoff is accused of using confidential information to trade the firm’s securities for personal gain.
Gene Levoff
Atty. Levoff, who was responsible for ensuring compliance with Apple’s insider trading policies, is also charged of breaching those policies on several occasions.
In 2018, Apple fired him after being contacted by authorities and conducting an internal investigation.
The US Securities Exchange Commission (SEC) said the former Apple lawyer engaged in insider trading various times between 2011 and 2016.
“Levoff’s alleged exploitation of his access to Apple’s financial information was particularly egregious given his responsibility for implementing the company’s insider trading compliance policy,” Antonia Chion, associate director of the SEC’s division of enforcement, said in a statement.
“The SEC is committed to pursuing insiders who breach their duties to investors,” the statement added.
In 2011 and 2012, Apple’s former head of corporate law made $245,000 (£193,801) in profits by engaging in insider trading, the SEC said.
The charges carry a maximum sentence of 20 years in prison and a fine of up to $5m.
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