Apple’s former senior executive of corporate law and corporate secrecy has officially admitted to being involved in an insider trading scheme. Gene Levoff was first charged with insider trading in 2019, and although he initially disputed the allegations, he has now admitted to playing a role in them.
Levoff joined Apple in 2008 and was Senior Director of Corporate Law from 2013 to 2018. The related transactions took place between 2011 and 2016, according to the indictment.
According to Law360, Levoff admitted to misappropriating inside information about Apple’s financial information; he then used the information to trade Apple stock. In total, the program allowed Levoff to make a profit of $227,000 and avoid a loss of $377,000.
When Levoff knew Apple had strong revenue and net income in a given fiscal quarter, he bought a lot of AAPL stock and sold it as soon as the rest of the market reacted to the news.
As we’ve said before, this case is pretty ironic: One of Levoff’s responsibilities at Apple includes enforcing the company’s insider trading policy. In fact, he even briefed Apple employees about the Apple stock lockup period and bought and sold the stock himself.
Details of the penalties that threatened Levov remain unclear, but each item of the indictment provides for a maximum sentence of 20 years in prison.
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