Former Apple Lawyer Gene Levoff Pleads Guilty to Insider Trading
Former Apple vice president of corporate law Gene Levoff has pleaded guilty to six counts of securities fraud for insider trading, according to a Department of Justice (DOJ) press release (via The Verge).
The former Apple lawyer "misappropriated material, nonpublic information about Apple's financial results and then executed trades involving the company's stock" from February 2011 to April 2016, says the release.
Levoff also served on Apple's Disclosure Committee from September 2008 to July 2018. In this position, he was supposed to be 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.
Instead, he allegedly secured profits for himself worth approximately $227,000 and avoided losses of around $377,000. Apple terminated his employment in September 2018. The SEC previously filed a civil complaint against Levoff based on the same conduct.
The six securities fraud counts each carry a maximum penalty of 20 years in prison and a $5 million fine. Levoff's sentencing is scheduled for November 10.
Popular Stories
Apple has asked a U.S. court to formally request internal Samsung documents from South Korea as part of discovery in the DOJ's ongoing antitrust lawsuit against the company.
The DOJ filed suit against Apple in March 2024, alongside a number of governments, alleging the company used App Store rules, developer restrictions, and control over key iPhone features to stifle competition. After Apple...
A joint status report filed yesterday in Apple's trade secrets lawsuit against YouTuber Jon Prosser and Michael Ramacciotti shows Prosser is still failing to comply with discovery, prompting Apple to seek a court order to compel him.
The latest filing, submitted to the U.S. District Court for the Northern District of California yesterday, covers developments since the parties' last update in ...
Apple will not be able to delay a district court battle over fee calculations while it waits to hear whether the U.S. Supreme Court will weigh in on the latest developments in its long-running dispute with Epic Games.
On Tuesday, the Ninth Circuit Court of Appeals reversed an earlier decision letting Apple keep its current zero-fee link-out commission structure in place while it appeals to...
