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Former Apple lawyer charged with insider trading

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Former Apple lawyer charged with insider trading

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US prosecutors have charged a former top Apple lawyer with insider trading.

Gene Levoff is accused of using confidential information to trade the firm’s securities for personal gain.

Mr Levoff, who was responsible for ensuring compliance with Apple’s insider trading policies, is accused of breaching those policies on several occasions.

Apple fired him last year after being contacted by authorities and conducting an internal investigation.

The US Securities Exchange Commission (SEC) said Mr Levoff engaged in insider trading various times between 2011 and 2016.

“Levoff’s alleged exploitation of his access to Apple’s financial information was particularly egregious given his responsibility for implementing the company’s insider trading compliance policy,” Antonia Chion, associate director of the SEC’s division of enforcement, said in a statement.

“The SEC is committed to pursuing insiders who breach their duties to investors.”

In 2011 and 2012, Apple’s former head of corporate law made $245,000 (£193,801) in profits by engaging in insider trading, the SEC said.

Mr Levoff also traded Apple securities ahead of three quarterly earnings announcements in 2015 and 2016, making approximately $382,000 in combined profits and losses avoided.

The charges carry a maximum sentence of 20 years in prison and a fine of up to $5m.

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