Can you say “irony?” Former Apple lawyer Gene Levoff, who was in charge of enforcing Apple’s Insider Trading Policy, is facing criminal charges for the inside trading of Apple stock.
CNBC reports Levoff was today indicted for insider trading, and is facing six counts of security fraud and sic counts of wire fraud. The U.S. government says Levoff used inside information , including Apple financial results before they were published, to sell Apple stock whenever there were to be weaker than expected earnings results between 2011 and 2016, as well as purchasing stock ahead of stronger earnings reports.
The scheme allowed Levoff to realize profits of approximately $227,000 on certain trades and to avoid losses of approximately $377,000 on others.
Levoff worked for Apple 2008 – 2018, and had the title of senior director of corporate law. He was eventually fired from the company after Apple was contacted by authorities and “conducted a thorough investigation with the help of outside legal experts.”
The United States Securities and Exchange Commission first filed charges against Levoff back in February, but he now faces criminal charges in addition to the civil charges.