Former Apple lawyer Gene Levoff has been charged with insider trading. It is reported by CNBC with reference to the press release of the accused’s lawyer.
The state prosecutor said Levoff used Apple’s confidential information to sell the company’s shares. He earned about 227 thousand dollars in some shares and avoided losses of 377 thousand dollars in others.
When a lawyer found out that Apple made a significant profit for the fiscal quarter, he bought shares. When the news reached the market, he sold them profitably for himself.
Levoff was one of Apple’s leading lawyers. He started working for the company in 2008, and dealt with fraud between 2011 and 2016, the indictment says. According to the job description, the lawyer ensured that employees were not involved in insider trading.
Levoff is accused of six episodes of securities fraud and six episodes of electronic fraud. For each episode, a lawyer can receive up to 20 years in prison and an additional fine.
In February 2018, the U.S. Securities and Exchange Commission launched a civil case against Levoff. Apple fired the lawyer in September.