Apple’s senior corporate counsel has been charged with trading on insider information ahead of company earnings reports, according to a civil action filed by the Securities and Exchange Commission in a district court in New Jersey. Gene Daniel Levoff, Apple’s head of corporate law, used insider information – despite receiving warnings from the company about blackout periods where executives weren’t supposed to trade Apple shares – to reap profits and avoid losses equivalent to a total $382,000.
Levoff is accused of making at least three insider trades in 2015 and 2016, as well as at least three other earlier insider trades in 2011 and 2012. The complaint also alleges that as a senior director of corporate law, Levoff was “responsible for ensuring compliance with the company’s insider trading policy.” An attorney for Levoff wasn’t listed and couldn’t be reached.
For example, Levoff traded ahead of Apple’s July 2015 earnings report after he learned that the company wouldn’t meet analysts forecasts for iPhone sales, avoiding some $345,000 in losses.
Not only was he responsible with overseeing Apple’s insider trading policy, but he was also the named party on Apple subsidiaries.
According to Bloomberg, Levoff graduated from Stanford Law School, where he served as a senior editor on the Stanford Law Review.
After being fired in September 2018, Levoff, 44, was fired after being placed on leave last year. At the time he left the company, Levoff reported directly to Apple’s general counsel.
Read the full complaint below:
via ZeroHedge News http://bit.ly/2SK2eXT Tyler Durden