Gene Levoff, who is Apple's former general counsel, was accused of insider trading in 2019, five months after being fired by Apple.
He would havetook advantage of his position within the apple firm, and confidential information that he held, to generate profit, by carrying out transactions in Apple shares at a strategic moment. It is aboutan unfair practicesince traders do not benefit from the same information.
The amounts won, however, did not seem excessive in comparison to his assets of 10 million dollars, sincehe generated approximately $384,000 in profits from these dishonest transactions. Gene Levoff pleaded guilty in 2022, and received2,000 hours of community service, as well as forfeiture of $604,000.
The SEC adds another layer
Not being satisfied with the sentence handed down, the Securities and Exchange Commission (SEC), which is the regulatory body for financial markets in the United States, added another layer. She, for her part, proposed to the judgea fine three times greater than the illicit gainsof $384,000 generated by Apple's former legal director. The judge agreed.
Gene Levoff must therefore pay $1.15 million in fines to the SEC. Even if he and his lawyer find that the judge was very harsh, it is a relief for the former Apple employee. The affair began in 2019, and even if he has to pay a substantial sum, he can continue his life peacefully, paying what he owes. The lawyer specifies in an email reported by Reuters:
We are of course disappointed, but Judge Martini has been fair and impartial throughout this case and we respect his decision. Mr. Levoff is happy to put this matter behind him and move on with his life.
Insider trading is common, as the lure of profit seems irresistible to some. They have the opportunity to make profits quickly and easily, while also telling themselves that this does not harm anyone, because there is no directly visible damage. This is probably what Senator Richard Burr, who sold a significant volume of shares in anticipation of the coronavirus crisis, said to himself,just before the stock market crashed.
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By : Keleops AG
