Last February, we commented on a case that caught the eye of the media: Apple's attorney and former vice president of corporate law, Gene Levoff, was charged with insider trading. In a clear betrayal against Ma, Levoff was sued and now indicted for benefiting from restricted information Cupertino's giant in his private business. The information is from CNBC.
More precisely, Levoff used such information, including company financial results before they were publicly disclosed, to sell company shares during periods of time. Blackout (when no company employee can buy or sell their papers), as well as to buy them during the best fiscal quarters. In addition to insider tradingLevoff also faces six charges of fraud.
This fraud scheme allowed Levoff to make profits of approximately $ 227,000 in certain operations and prevent losses of approximately $ 377,000 in others.
As we said, the United States Securities and Exchange Commission (Securities and Exchange Commission, or SEC) accused Levoff officially in February; according to American justice, the crime of insider trading It can result in a maximum penalty of 20 years in prison, in addition to fines.
Levoff was one of Apple's top lawyers; he joined the company in 2008 and was senior corporate law director from 2013 to 2018, with the aforementioned illegal transactions taking place in 2011 and 2016. The most ironic of all that Levoff's role as a lawyer at Ma was precisely to prevent the employees performed insider trading (Maybe that's why he thought he was going to go unpunished).
Apple did not comment on the unfolding of the case; In February, the company said it reported Levoff after being contacted by the authorities, which resulted in an internal investigation and termination of the executive's contract.