Ex-Apple lawyer accused of $600k insider trading gains | Business News
A lawyer who oversaw Apple’s insider trading safeguards is facing charges of using confidential information to earn $600,000 (£466,000).
The allegations against Gene Levoff emerged in criminal and civil complaints filed by the US Justice Department and regulator the Securities and Exchange Commission (SEC).
The paid accuse him of a series of illegal trades in the company’s shares over a period of five years up until 2016.
Insider trading involves the use of confidential information not available to the market for personal gain.
45-year old Mr Levoff, who was sacked by Apple last September, denies the claims against him.
The documents filed in court in New Jersey allege he abused his position on a special committee that reviewed key numbers contained in Apple’s quarterly earnings reports before the earnings were publicly announced.
His biggest trade, the filing alleged, came in July 2015 when he avoided $345,000 in share losses when he sold nearly all his holdings worth up to $10m after learning that Apple had missed analysts’ estimates for quarterly iPhone sales.
When the details were later made public, Apple shares fell 4%.
Antonia Chion, associate director for the SEC’s enforcement division, said his alleged misconduct “was particularly egregious given his responsibility for implementing the company’s insider trading compliance policy.”
Mr Levoff’s lawyer said his client was looking forward to fighting the allegations.