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).

apple store logo 1
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.

Top Rated Comments

WiiDSmoker Avatar
23 months ago

He was probably being paid extremely well so I really don’t understand his thinking or reason for doing this. Just stupid and reckless.
Never under estimate human greed.
Score: 18 Votes (Like | Disagree)
seanmills1020 Avatar
23 months ago
Levoff surrendered to authorities soon after an iWitness™ came forward.
Score: 18 Votes (Like | Disagree)
ProfessionalFan Avatar
23 months ago
He was probably being paid extremely well so I really don’t understand his thinking or reason for doing this. Just stupid and reckless.
Score: 15 Votes (Like | Disagree)
iAFC Avatar
23 months ago
Crimes against the economy like this also represent a threat to the foundations of a free market democracy, and should be punished accordingly.
Score: 9 Votes (Like | Disagree)
erikkfi Avatar
23 months ago
Even on his way out of the courtroom he was mumbling something about how his actions helped make the App Store a safe and trusted place for users to download the apps they love.
Score: 6 Votes (Like | Disagree)
Kabeyun Avatar
23 months ago
“Apple will set a new quarterly profit record.”
Shoot, I could’ve pulled it off without insider information.
Score: 4 Votes (Like | Disagree)

Popular Stories

iOS 18 Siri Integrated Feature

iOS 18 Will Add These New Features to Your iPhone

Friday April 12, 2024 11:11 am PDT by
iOS 18 is expected to be the "biggest" update in the iPhone's history. Below, we recap rumored features and changes for the iPhone. iOS 18 is rumored to include new generative AI features for Siri and many apps, and Apple plans to add RCS support to the Messages app for an improved texting experience between iPhones and Android devices. The update is also expected to introduce a more...
iPhone 16 Camera Lozenge 2 Colors

iPhone 16 Plus Rumored to Come in These 7 Colors

Wednesday April 10, 2024 3:52 am PDT by
Apple's iPhone 16 Plus may come in seven colors that either build upon the existing five colors in the standard iPhone 15 lineup or recast them in a new finish, based on a new rumor out of China. According to the Weibo-based leaker Fixed focus digital, Apple's upcoming larger 6.7-inch iPhone 16 Plus model will come in the following colors, compared to the colors currently available for the...
apple silicon feature joeblue

Macs to Get AI-Focused M4 Chips Starting in Late 2024

Thursday April 11, 2024 10:10 am PDT by
Apple will begin updating its Mac lineup with M4 chips in late 2024, according to Bloomberg's Mark Gurman. The M4 chip will be focused on improving performance for artificial intelligence capabilities. Last year, Apple introduced the M3, M3 Pro, and M3 Max chips all at once in October, so it's possible we could see the M4 lineup come during the same time frame. Gurman says that the entire...
apple tv 4k yellow bg feature

When to Expect a New Apple TV to Launch

Tuesday April 9, 2024 8:30 am PDT by
It has been nearly a year and a half since the current Apple TV was released, so the device is becoming due for a hardware upgrade. Below, we recap rumors about the next Apple TV, including potential features and launch timing. The current model is the third-generation Apple TV 4K, announced in October 2022. Key new features compared to the previous model from 2021 include a faster A15...
maxresdefault

Review: Six Months With the iPhone 15 Pro

Wednesday April 10, 2024 10:53 am PDT by
It's been a bit over six months since the iPhone 15 lineup came out in September, and MacRumors videographer Dan Barbera has been using an iPhone 15 Pro Max sans case since launch. Over on our YouTube channel, Dan did a long term review to demo how his phone has held up and his thoughts on the Action button, battery life, and camera features. Subscribe to the MacRumors YouTube channel for more ...