At Apple Inc., former top lawyer Gene Daniel Levoff was responsible for making sure employees didn’t violate insider-trading laws. It turns out he was the one who was buying and selling shares illegally, according to U.S. authorities.
Levoff, who until last year was Apple’s senior director of corporate law, repeatedly traded on non-public revenue-and-earnings filings dating back to 2011, the Securities and Exchange Commission and federal prosecutors said Wednesday. The illegal investments led to about $227,000 in profits, while allowing him to avoid $377,000 of losses, according to the U.S. attorney’s office in Newark, New Jersey, which filed criminal charges against Levoff.
For instance, in July 2015, Levoff learned that Apple wouldn’t meet analysts’ third-quarter forecast for iPhone sales, the SEC said in a related civil complaint. That month, he sold about $10 million of Apple stock -- virtually all of his holdings. When the company reported earnings, its shares plunged more than 4 percent. Levoff avoided losing about $345,000, the SEC said.
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