Apple’s former Director of corporate law, Gene Levoff, recently pled guilty to having committed an insider trading scheme that lasted for five years.
Levoff, 48, the former co-chair of Apple’s disclosure committee, entered a guilty plea via videoconference to a federal court in New Jersey on Thursday to six counts of security fraud involving trades that totaled more than $14 million that he made between 2011 and 2016.
Attorney for the United States Vikas Khanna expressed that Levoff “Betrayed the trust of one of the world’s largest tech companies for his own financial gain.”
According to the United States Federal Bureau of Investigation (FBI), Levoff, who also worked as the firm’s assistant secretary and corporate secretary stole crucial, confidential information about the company’s financial outcomes and used it to make stock trades from February 2011 to April 2016.
Court documents revealed that Levoff was able to reap profits of around $227,000 on some trades and avert losses of about $377,000 on others.
Levoff was then subjected to Apple’s standard quarterly “blackout periods,” which forbade anybody with access to significant nonpublic information from trading until a specific amount of time after the company made its financial figures publicly available.
However, Levoff continued to routinely carry out trades based on important, nonpublic information without Apple’s knowledge or consent, disobeying the prohibition as well as the company’s more general Insider Trading Policy, which he was responsible for enforcing.
Levoff currently faces up to 20 years in prison and a $20 million fine.
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