"Hey Siri" support and possibly wireless charging case alongside AirPower charging mat.
AirPods and AirPower: Everything We Know
SEC Charges Former Apple Lawyer Gene Levoff With Insider Trading [Updated]
The U.S. Securities and Exchange Commission has charged Apple's former vice president of corporate law Gene Levoff with insider trading, according to a lawsuit filed in the U.S. District Court for New Jersey on Wednesday.
The complaint alleges that Levoff had access to Apple's earnings results before they were publicly announced and used this information to buy Apple shares in advance of better-than-expected earnings results and to sell shares ahead of weaker-than-expected earnings results between 2011 and 2016.
Through his illegal insider trading in 2015-2016, the complaint alleges that Levoff profited and avoided losses of approximately $382,000:
Levoff was also tasked with signing off on some Apple acquisitions in his role. He was terminated in September 2018, according to the lawsuit.
Read the full complaint here. The news was first reported by CNBC.
Update: Apple issued the following statement per Bloomberg's Mark Gurman: "After being contacted by authorities last summer we conducted a thorough investigation with the help of outside legal experts, which resulted in termination."
The complaint alleges that Levoff had access to Apple's earnings results before they were publicly announced and used this information to buy Apple shares in advance of better-than-expected earnings results and to sell shares ahead of weaker-than-expected earnings results between 2011 and 2016.
Through his illegal insider trading in 2015-2016, the complaint alleges that Levoff profited and avoided losses of approximately $382,000:
For example, in July 2015 Levoff received material nonpublic financial data that showed Apple would miss analysts' third quarter estimates for iPhone unit sales. 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. Apple's stock dropped more than four percent when it publicly disclosed its quarterly financial data.Levoff also served on Apple's Disclosure Committee from September 2008 to July 2018. In this position, he was ironically responsible for ensuring that other Apple employees were compliant with Apple's insider trading policies, including enforcement of "blackout periods" around the time of Apple's earnings reports.
Levoff was also tasked with signing off on some Apple acquisitions in his role. He was terminated in September 2018, according to the lawsuit.
Read the full complaint here. The news was first reported by CNBC.
Update: Apple issued the following statement per Bloomberg's Mark Gurman: "After being contacted by authorities last summer we conducted a thorough investigation with the help of outside legal experts, which resulted in termination."
[ 76 comments ]
Top Rated Comments
(View all)
5 days ago at 09:19 am
Oh geez. It's hard to claim that he didn't know better considering his position...
5 days ago at 09:53 am
“Stealing” is not a crime. Armed robbery is a violent crime. Embezzlement and larceny are non-violent crimes with less severe penalties.
So to answer your question, no, he likely will not serve any jail time because this is not the same thing as storming a bank and demanding cash at gunpoint.
You can serve jail time for robbing a bank with an unloaded weapon. Theft is theft. The fact that white-collar crime is not punished in the same way as blue-collar crime is rather like having lower taxes on unearned income compared to earned income. The system favors the powerful and rich.
5 days ago at 09:28 am
Suppose he is found guilty - would he actually serve serious jail time?
Now imagine somebody steals close to $400K from a bank...
5 days ago at 09:40 am
These guys get compensated millions of $ in salaries and options... why bother risk your job, future employment prospects, maybe disbarment from practicing as a lawyer, maybe jail time, for several hundred $K? Greed.
5 days ago at 09:29 am
The california bar seems to have put him on inactive status back in october, so looks like they were aware? Or maybe he put himself on inactive status?
5 days ago at 10:02 am
“Stealing” is not a crime. Armed robbery is a violent crime. Embezzlement and larceny are non-violent crimes with less severe penalties.
So to answer your question, no, he likely will not serve any jail time because this is not the same thing as storming a bank and demanding cash at gunpoint.
Huh? So if I dug a tunnel into a bank vault at night when no one is around - then I can help myself to whatever I want since there is no “violence”?
5 days ago at 09:31 am
Good job SEC. Finally catching something that someone did in 2011.
So like only 5% of these guys get caught, right?
So like only 5% of these guys get caught, right?
5 days ago at 10:06 am
I wanted to post how I couldn’t wait to learn how this was somehow Cook’s/Apple’s fault. Thanks so much for the lesson.
Tim gets paid a lot of money. He is a big boy. He doesnt need your cheerleading.
5 days ago at 11:18 am
Imho the company is run by money focused people. What they need is to get the spirit back. They need a technological visionary who loves tech and is able to translate that into products that people will love. If they manage that again, the products will sell itself.
Every thing Apple is doing today has one focus: DOES IT PRODUCE ENOUGH PROFITS.
With such a mentality you’re not able to build a good relationship with customers.
Things need to change and I really believe Apple will be forced to change by competitors.
They remind me of Sony; a shell of their former selves.
I dont see how people can either maintain he is a tech visionary, or admit that he isn't and say 'but doesnt matter because iPhones sell great anyways.' Of course it matters, most of us that post here do so because we're enthusiasts, not bean counters..
[ Read All Comments ]
In his wide-ranging research note today touching on Apple's product releases for 2019, Ming-Kuo provided a glimpse at upcoming AirPods, iPads, iPhones, displays and MacBook Pros. Regarding the...
For this week's giveaway, we've teamed up with Astropad to offer MacRumors readers a chance to win a Luna Display adapter. The Luna Display is a handy little dongle that's designed to...
In late November, Apple launched a limited time promotion that offers up to $100 in additional credit when trading in an iPhone 6 through iPhone 8 towards the purchase of a new iPhone XS or...
Apple today filed its 2018 Conflict Minerals Report with the SEC as part of its commitment to supplier responsibility.
Apple said it remains "deeply committed" to upholding human...
Apple's Beats by Dre brand today unveiled a new NBA collection, with Beats Studio 3 Wireless Headphones available in six colorways representing the Golden State Warriors, Los Angeles Lakers,...
Twitter CEO Jack Dorsey today commented on the possibility of an edit button for tweets, suggesting Twitter is considering a feature that might let people go back and add clarifications or...
In the wake of Apple's decision to end its AirPort line of routers, many users continue to hunt for the best possible Wi-Fi networking solution. Ubiquiti Networks' AmpliFi routers have been...
Today is Valentine's Day, and as it happens on holidays, many online retailers are using the event to share Valentine-themed discounts and offers to their customers. In this post we've...
