Gene Levoff, a former Apple lawyer in charge of preventing insider trading, has pleaded guilty to insider trading charges. He had been charged to court in 2019 by the SEC on six counts of securities fraud.
This is a classic case of the dog charged with guarding a bone, turning around, and devouring it. As Apple’s securities lawyer, the amount of information that Levoff had at his disposal must have been incredible.
According to the press release on the case, he had ‘nonpublic information about Apple’s financial results.’ He then used these details to execute trades involving the company’s stock in a gross misappropriation of information.
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In addition to his role as the securities lawyer, Gene Levoff was also a member of Apple’s Disclosure Committee – they overlooked Apple’s earnings and SEC filings before the public saw them.
Levoff allegedly made $227,000 on some trades and was able to avoid losses of about $377,000 on other trades because he had info that others did not have. Some of his practices included buying large amounts of the company’s stocks just before it announced revenue and net profit in a financial quarter and then selling the stocks after the report was published and the public is reacting to the news by buying into Apple. Other times, he would sell large stocks just as Apple was about to report not meeting a revenue forecast.
His crimes were narrowed down to between 2011 and 2016, a period in which Apple stocks kept climbing higher and higher. He will be sentenced on 10 November 2022.
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