Lawyer in charge of Apple’s insider-trading policy charged with … insider trading

14 Février, 2019, 05:52 | Auteur: Auguste Feret
  • Lawyer in charge of Apple’s insider-trading policy charged with … insider trading

America's financial watchdog, the Securities and Exchange Commission, today filed [PDF] the irony-rich allegations against 44-year-old Gene Daniel Levoff, Apple's now-former global head of corporate law.

Levoff allegedly had access to earnings results and information on iPhone sales that weren't yet public. The SEC's filing says that, on three occasions in 2010 and 2011, Levoff emailed employees to warn them that the company was entering a blackout period and that they were prohibited from trading Apple shares.

Apple's former senior director of corporate law and corporate secretary, Gene Levoff, has been charged with insider trading by the SEC, CNBC News reports. Between July 17 and the public release of Apple's quarterly earnings information on July 21, Levoff sold approximately $10 million dollars of Apple stock - virtually all of his Apple holdings - from his personal brokerage accounts.

Mr Levoff's senior position meant.

The SEC says the Department of Justice is charging Levoff with one count of securities fraud.

USA prosecutors have charged a former top Apple lawyer with insider trading.

Levoff was part of Apple's Disclosure Committee-one of the people who could review the company's quarterly financial reports ahead of their publication. When the earnings were announced, Apple's share price fell four per cent.

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As co-chairman of Apple's disclosure committee, Levoff helped Chief Executive Officer Tim Cook and his predecessor, Steve Jobs, ensure the timeliness, accuracy and proper oversight of company disclosures, including financial results, according to authorities.

The SEC alleges that, between 2011 and 2012, Levoff reportedly made $245,000 in profit and, in 2015 and 2016, avoided losses totaling $382,000.

Apple did not immediately reply to NPR's request for comment.

Prosecutors said Levoff, 45, of San Carlos, California, generated $604,000 in illegal gains, including realized profit and avoided losses, before Apple terminated his decade-long employment in September. It also seeks a monetary penalty against Levoff, and to bar him from serving as an officer or director of a public company in the future.

The cases are U.S. v. Levoff, U.S. District Court, District of New Jersey, No. 19-mag-03507; and SEC v. Levoff in the same court, No. 19-05536.

The SEC filed its lawsuit with the federal court in Newark, New Jersey, close to where it said servers were located for the firm that processed Levoff's trades.

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