Apple’s former top lawyer could go to prison for insider trading

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An individual who had previously worked at Apple as both the director of corporate law and the corporate secretary has entered a guilty plea to all six counts of a securities fraud charge against him.

The DoJ announced Thursday that Attorney for the United States Vikas Khanna made the announcement today that a former corporate secretary and director of corporate law at Apple has admitted to participating in an insider trading scam that lasted for a period of five years.

Gene Levoff, 48, of San Carlos, California, pled guilty via videoconference before U.S. District Judge William J. Martini to six counts of an indictment accusing him of securities fraud. In February 2019, a complaint was brought against Levoff.

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Khanna claimed that Levoff had “betrayed the trust of one of the world’s largest technology companies for his own financial gain” and that Levoff had used “his position of trust to commit insider trading in order to line his own pockets,” despite the fact that Levoff was responsible for enforcing Apple’s own ban on insider trading.

From February 2011 until April 2016, Levoff allegedly “misappropriated substantial, nonpublic information about Apple’s financial results and subsequently made trades affecting the company’s stock” while serving as Apple’s top corporate counsel. According to reports, he exploited this information to generate $227,000 in profits while trading and prevent $377,000 in losses.

Levoff is also said to have regularly ignored Apple’s own blackout periods, a common measure firms use to block employees from trading their shares during particular hours, typically before or during a company’s results call.

Each of the six counts of fraud of which Levoff is accused carries a maximum punishment of 20 years in prison and a $5 million fine, so he might find himself in hot water. In November, he’ll be sentenced.

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