A former top Apple lawyer whose responsibilities included preventing insider trading has now been indicted for,philosophy eroticism uh, that.
Gene Levoff, Apple's former corporate secretary and director of corporate law, is accused of using insider knowledge to trade Apple stock between February 2011 and April 2016 — the exact behavior he was entrusted to prevent.
Illegal insider trading gives people with access to nonpublic company information an unfair advantage over everyone else, a bit like using secret cheat codes in a multiplayer game. Only instead of leaderboards and kill streaks, it's hundreds of thousands of dollars on the line.
According to the U.S. Attorney's Office in New Jersey, Levoff's alleged unfair advantage amounted to earnings of approximately $227,000 on some trades, while preventing losses of around $377,000 on others.
"Levoff ignored... the company’s broader Insider Trading Policy — which he was responsible for enforcing — and instead repeatedly executed trades based on material, nonpublic information without [Apple]’s knowledge or authorization," said the U.S. Attorney's Office in a press release on Thursday.
"On several occasions, Levoff executed trades within a blackout period after notifying other individuals subject to the restriction that they were prohibited from buying or selling [Apple] stock until the blackout period terminated."
SEE ALSO: Oil behemoth Exxon starts trial for alleged climate fraudBloomberg reported one example where Levoff sold off around $10 million in Apple stock shortly after learning iPhone sales for the quarter would fall short of analyst predictions — avoiding what would have been a loss of nearly $350,000 when the news knocked more than 4 percent off the share price.
Levoff was indicted on Thursday, and now faces six counts of securities fraud and six counts of wire fraud. Each charge carries a maximum penalty of 20 years imprisonment. Securities fraud also carries a maximum fine of $5 million, while each count of wire fraud could either cost Levoff up to $250,000 or twice the gain or loss caused.
Apple fired Levoff in September 2018 following an internal investigation. The US Securities and Exchanges Commission also accused Levoff of insider trading in a civil lawsuit filed in February, though he denied the charges.
Truly, a "you had one job" for the ages.
Topics Apple
Nigma Galaxy beat HSG fe to stave off elimination in Valencia
Steve Mnuchin threw a snowball at a New York Times reporter
This 'Blue Planet II' vessel is now on Airbnb and you can actually go under the sea
Airbnb won't stand for discrimination against Eagles fans
karrigan: "The main issue we have is we don't have a pick that's 100% safe for us"
Enormous emotional support peacock denied seat on flight, owner not pleased
Gymnast Mattie Larson said she purposely hurt herself to avoid Larry Nassar
Strava Heatmap shows that fitness trackers represent a privacy threat
Cold Tofu's Last Summer Show
Facebook, Google, Uber lobbying arm is hiring a director of diversity
One Night Only: West Covina Obon Festival
Blue Ivy told Beyonce and Jay Z to chill at the Grammys and it's perfect
Facebook, Google, Uber lobbying arm is hiring a director of diversity
Cardi B offered up her kidney to Bruno Mars after he won big at the 2018 Grammys
‘LOL to Save Lives’ at Comedy Store
Gymnast Aly Raisman took out a full
IKEA founder Ingvar Kamprad dead at age 91
Chrissy Teigen, queen of Twitter, has got women embracing their grey hair
Masumoto Family Writes About ‘The Perfect Peach’
Pete Souza's here to defend Jay
63 percent of Americans agree: We're screwed.Illinois police rescue plump raccoon that was too big for sewer grateJ.K. Rowling receives Donald Trump newsletter and her response was as scathing as you'd expectDog owner tweets her terminally ill dog's best moments in tribute to his lifeEveryone can just go home now because British police have won at 280Trump in Japan: A wellDog owner tweets her terminally ill dog's best moments in tribute to his lifeRussell Crowe says Australia 'looks like *ssholes' when it comes to refugeesComparing yourself on Election Day 2016 vs. today is the internet's best new memePapa John's responds to white nationalist support of its pizza chain Wordle today: Here's the August 1 Wordle answer and hints 4 things to learn from the embarrassing Slope hack on Solana Samsung's Galaxy S22 to launch in new Bora Purple color Most watched TV shows and movies of the week (Aug 5) Netflix's 'Resident Evil' has 1 moment I still can't get over Google TV is adding 50 free live channels. Here's the list. 'Xenoblade Chronicles 3' review: Persist and ye shall be rewarded 'Batgirl' star Leslie Grace responds to cancelled movie on Instagram Wordle today: Here's the July 29 Wordle answer and hints Wordle today: Here's the August 3 Wordle answer and hints
0.1873s , 10006.9453125 kb
Copyright © 2025 Powered by 【philosophy eroticism】Apple lawyer tasked with preventing insider trading indicted for *checks notes* insider trading,Global Hot Topic Analysis
