Former Apple lawyer Gene Levoff, who was charged with enforcing insider trading policies, now been accused of misusing inside information on Apple shares.
Levoff has indeed been indicted for insider trading must now face six charges of security fraud and six charges of cable fraud. According to the US government, Levoff used Apple’s inside information, including financial results before its publication to sell Apple shares prior to the weaker-than-expected earnings results between 2011 and 2016. In total, there are six counts of wire fraud and six counts of security fraud.
This scheme to defraud Company-1 and its shareholders allowed Levoff to realize profits of approximately $227,000 on certain trades and to avoid losses of approximately $377,000 on others,” according to the press release.
It continued: “When Levoff discovered that Company-1 had posted strong revenue and net profit for a given financial quarter, he purchased large quantities of stock, which he later sold for a profit once the market reacted to the news.
The U.S. Securities and Exchange Commission presented the first allegations against Gene Levoff in February, but now the lawyer will also face criminal charges as well as civil charges. Levoff worked for Apple from 2008 to 2018 before being fired by the company
Apple refused to comment on the criminal charges, but issued a statement in February: “After being contacted by the authorities last summer, we conducted a thorough investigation with the help of external legal experts, which led to the closure of the investigation “.