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:
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."
Popular Stories
Apple today updated its trade-in values for select iPhone, iPad, Mac, and Apple Watch models. Trade-ins can be completed on Apple's website, or at an Apple Store.
The charts below provide an overview of Apple's current and previous trade-in values in the U.S., according to its website. Maximum values for most devices either decreased or saw no change, but the iPad Air received a slight bump.
...
The smarter, more capable version of Siri that Apple is developing will be powered by Google Gemini, reports Bloomberg. Apple will pay Google approximately $1 billion per year for a 1.2 trillion parameter artificial intelligence model that was developed by Google.
For context, parameters are a measure of how a model understands and responds to queries. More parameters generally means more...
Following more than a month of beta testing, Apple released iOS 26.1 on Monday, November 3. The update includes a handful of new features and changes, including the ability to adjust the look of Liquid Glass and more.
Below, we outline iOS 26.1's key new features.
Liquid Glass Toggle
iOS 26.1 lets you choose your preferred look for Liquid Glass.
In the Settings app, under Display...
Apple is promoting the new Liquid Glass design in iOS 26, showing off the ways that third-party developers are embracing the aesthetic in their apps. On its developer website, Apple is featuring a visual gallery that demonstrates how "teams of all sizes" are creating Liquid Glass experiences.
The gallery features examples of Liquid Glass in apps for iPhone, iPad, Apple Watch, and Mac. Apple...
Apple's online store in the U.S. is suddenly offering a pack of four AirTags for just $29, which is the same price as a single AirTag.
This is likely a pricing error, and it is unclear if orders will be fulfilled. Apple has not discounted the AirTag four-pack in any other countries that we checked.
Delivery estimates are already pushing into late November to early December, suggesting...
Apple in iOS 26.2 will disable automatic Wi-Fi network syncing between iPhone and Apple Watch in the European Union to comply with the bloc's regulations, suggests a new report.
Normally, when an iPhone connects to a new Wi-Fi network, it automatically shares the network credentials with the paired Apple Watch. This allows the watch to connect to the same network independently – for...
IKEA today announced the upcoming launch of 21 new Matter-compatible smart home products that will be able to interface with HomeKit and the Apple Home app. There are sensors, lights, and control options, all of which will be reasonably priced. Some of the products are new, while some are updates to existing lines that IKEA previously offered.
There are a series of new smart bulbs that are...
It's been over a decade since Apple's HomeKit smart home platform launched, and it is overdue for an update. HomeKit and the Home app can no longer keep up with AI-powered solutions from other companies like Google and Amazon, but that's set to change with a smart home revamp that Apple has planned for 2026.
Home Hub
Apple is working on a home hub or "command center" that will serve as a...
