Former Apple lawyer in charge of preventing insider trading is indicted on insider trading charges

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Former Apple lawyer in charge of preventing insider trading is indicted on insider trading charges

Post by IceCube » Fri Oct 25, 2019 10:51 pm

Former Apple lawyer Gene Levoff was indicted on insider trading charges, the U.S. Attorney in New Jersey said in a press release on Thursday.

The government in its indictment alleges that Levoff used inside information from Apple, including financial results before they were published, to trade Apple stock. He’s facing six counts of securities fraud and six counts of wire 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.”

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