Sun, 26 May 2019

Apple solicigtor allegedly made $382,000 from insider trading

Middle East News
16 Feb 2019, 15:38 GMT+10

WASHINGTON DC - The U.S. Securities and Exchange Commission has filed insider trading charges against a former senior attorney at Apple whose duties included executing the companys insider trading compliance efforts.

The SECs complaint alleges that Gene Levoff, an attorney who previously served as Apples global head of corporate law and corporate secretary, received confidential information about Apples quarterly earnings announcements in his role on a committee of senior executives who reviewed the companys draft earnings materials prior to their public dissemination.

Using this confidential information, Levoff allegedly traded Apple securities ahead of three quarterly earnings announcements in 2015 and 2016 and made approximately $382,000 in combined profits and losses avoided.

The SECs complaint alleges that Levoff was responsible for securities laws compliance at Apple, including compliance with insider trading laws. As part of his responsibilities, Levoff reviewed and approved the companys insider trading policy and notified employees of their obligations under the insider trading policy around quarterly earnings announcements.

Levoffs alleged exploitation of his access to Apples financial information was particularly egregious given his responsibility for implementing the companys insider trading compliance policy, Antonia Chion, Associate Director of the SECs Division of Enforcement said Thursday. The SEC is committed to pursuing insiders who breach their duties to investors.

The SECs complaint, filed in federal district court in Newark, New Jersey, charges Levoff with fraud and is seeking the return of his ill-gotten trading profits plus interest, penalties, a permanent injunction, and an officer-and-director bar.

In a parallel action, the U.S. Attorneys Office for the District of New Jersey this week announced criminal charges.

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