Amaya Toman Gene Levoff previously worked at Apple as a secretary and senior director of corporate law. This week he was accused of so-called "insider trading", i.e. trading shares and other securities from the position of a person who has non-public information about the given company. This information can be data on investment plans, financial balance and other essential information.
Apple disclosed the insider trading last July, and suspended Levoff during the investigation. In September 2018, Levoff left the company for good. He is currently facing six counts of security breach fraud and six counts of securities fraud. This activity should have enriched him by about 2015 thousand dollars in 2016 and 227 and avoided a loss of about 382 thousand dollars. In addition, Levoff also traded stocks and securities on the basis of non-public information in 2011 and 2012.
According to the press release, Levoff misused internal information from Apple, such as undisclosed financial results. When he learned that the company was about to report strong revenue and net profit for the fiscal quarter, Levoff bought a huge amount of Apple stock, which he sold when the news was released and the market reacted to it.
Gene Levoff joined Apple in 2008, where he served as senior director for corporate law from 2013 to 2018. Insider trading on his part took place in 2011 and 2016. Paradoxically, Levoff's job was to ensure that none of Apple's employees committed trading in shares or securities based on non-public information. In addition, he himself engaged in share trading during a period in which the company's employees were not allowed to buy or sell shares. Levoff faces up to twenty years in prison for each set of charges.
It could be interest you
Source: 9to5Mac
