Former Top Apple Lawyer Pleads Guilty To Insider Trading
Tuesday July 5, 2022. 01:00 AM , from Slashdot/Apple
The former top corporate lawyer at Apple pleaded guilty to insider trading charges, for what prosecutors called a five-year scheme to trade ahead of the iPhone maker's quarterly earnings announcements. Gene Levoff, 48, of San Carlos, California, pleaded guilty to six securities fraud charges at a hearing before U.S. District Judge William Martini in Newark, New Jersey. From a report: Levoff allegedly exploited his roles as corporate secretary, head of corporate law and co-chair of a committee that reviewed drafts of Apple's results to generate $604,000 of illegal gains on more than $14 million of trades from 2011 to 2016. Prosecutors said Levoff ignored the quarterly 'blackout periods' that barred trading before Apple's results were released, as well as the company's broader insider trading policy -- which he was responsible for enforcing. 'Gene Levoff betrayed the trust of one of the world's largest tech companies for his own financial gain,' First Assistant U.S. Attorney Vikas Khanna in New Jersey said in a statement.
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