Former Apple lawyer accused by US SEC of insider trading

Former Apple lawyer accused by US SEC of insider trading

A former senior lawyer at Apple Inc was accused by the U.S. Securities and Exchange Commission on Wednesday of insider trading ahead of the iPhone maker's quarterly earnings announcements.

Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York
Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York, U.S., August 1, 2018. REUTERS/Lucas Jackson/Files

REUTERS: A former senior lawyer at Apple Inc was accused by the U.S. Securities and Exchange Commission on Wednesday of insider trading ahead of the iPhone maker's quarterly earnings announcements.

The SEC said Gene Levoff, 44, exploited his positions as a senior lawyer and as chairman of Apple's disclosure committee to trade illegally at least three times in 2015 and 2016, generating about US$382,000 in illegal profit and losses that were avoided.

Levoff, of San Carlos, California, had worked at Apple for a decade and overseen about 20 to 30 lawyers and paralegals responsible for its global corporate law issues prior to his termination in September, the SEC said.

The regulator also said Levoff had a previous history of insider trading, having traded on Apple's material nonpublic information at least three times in 2011 and 2012.

Apple did not immediately respond to requests for comment. Levoff could not immediately be reached for comment, and a lawyer for him could not immediately be identified. The SEC did not immediately respond to a request for comment.

The SEC filed its lawsuit with the federal court in Newark, New Jersey, close to where it said servers were located for the firm that processed Levoff's trades.

(Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum)

Source: Reuters

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