Lawyers in the position to prevent Apple's insider trading are charged with insider trading

by DavidCardinez

Lawyers responsible for Apple 's compliance concerning the Securities and Exchange Law were charged with the Securities and Exchange Commission because they were conducting insider trading using non - disclosure information on iPhone sales.

SEC files insider trading lawsuit against former Apple lawyer
https://www.cnbc.com/2019/02/13/sec-files-insider-trading-lawsuit-against-former-apple-lawyer.html

Apple's former securities lawyer has been accused of insider trading by the SEC - The Verge
https://www.theverge.com/2019/2/13/18223520/apple-former-securities-lawyer-ccused-insider-trading-the-sec

Mr. Gene Levoff, a lawyer who served as Apple's business manager and corporate legal manager until September 2018, was charged with the Securities and Exchange Commission on February 13, 2019. According to content sued in the United States District Court for the District of New Jersey, Mr. Levoff said that he made three transactions on earnings information that Apple made private between 2015 and 2016. According to this deal Levoff is claimed to have earned profits by escaping the loss of 382,000 dollars (about 42 million yen). Mr. Levoff also said that he had done similar transactions at least three times between 2011 and 2012.

In response, Mr. Levoff, who gained information on revenues and briefing that Apple has not made public about the iPhone's sales, tens of millions of dollars (billion dollars) against the "blackout period" where trading of its stock is banned It is stated that it traded shares equivalent to the yen). The US Department of Justice asserts that Mr. Levoff's actions constitute securities fraud. Levoff is scheduled to appear in the court on 20th February 2019.

Levoff's defense attorney Kevin Marino said: "We are conducting a review of charges against Mr. Levoff and civil lawsuits, and we will keep him in both cases."

Levoff entered a vacation from July 2018 and retired from Apple in September.