US Regulators File Charges Against Apple Insider Trading Lawyer, for Insider Trading
The job of a top lawyer at Apple Inc. was to ensure that no employees violate the company’s insider-trading policies. It turned out that he was the one who was trading Apple Shares illegally, according to US regulators.
The US Securities and Exchange Commission (SEC) filed a lawsuit against Gene Daniel Levoff, who served as Apple’s senior director of corporate until September 2018 and was also a part of the company’s disclosure committee. According to the filing, Levoff exploited his well-placed position to manage his Apple shares trading privately. He would gain access to the company’s periodic earnings results and draft public filing before release.
Levoff would then use the information to plan his trades. If the report were bullish, he would purchase Apple shares at a lower rate. If bearish, he would sell them ahead of others.
“Levoff’s alleged exploitation of his access to Apple’s financial information was particularly egregious given his responsibility for implementing the company’s insider-trading compliance policy,” Antonia Chion, an associate director at SEC, said in a press statement.
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