Apple logo. Photo by Songquan Deng/Shutterstock.comFormer Apple In-House Attorney Indicted for Insider Trading
Gene Levoff, 45, faces charges of securities fraud and wire fraud and a maximum of 20 years in prison and a $5 million fine for the securities fraud counts. The wire fraud charges carry a maximum penalty of 20 years in prison and a fine of $250,000 or "twice the gain derived from or loss caused by the offense."
October 25, 2019 at 02:54 PM
2 minute read
A grand jury in the U.S. District Court for the District of New Jersey indicted a former in-house Apple Inc. attorney for insider trading.
Gene Levoff, 45, faces charges of securities fraud and wire fraud and a maximum of 20 years in prison and a $5 million fine for the securities fraud counts. The wire fraud charges carry a maximum penalty of 20 years in prison and a fine of $250,000 or "twice the gain derived from or loss caused by the offense."
The Justice Department claims that between February 2011 and April 2016, Levoff allegedly "misappropriated material, nonpublic information about Company-1's [Apple] financial results and then executed trades involving the company's stock." His alleged scheme allowed to him to make $27,000 on certain trades and avoid losses of approximately $377,000 on others.
As part of his employment, the indictment says, Levoff was subject to "blackout periods" in which individuals who had access to material nonpublic information were barred from engaging in trades for a period of time. The indictment alleges he ignored those restrictions and engaged in trades during these "blackout periods."
Levoff is represented by Kevin Marino, of Marino, Tortorella & Boyle in Chatham, New Jersey.
"We look forward to vigorously representing Mr. Levoff with respect to these allegations," Marino said Friday.
In February, a criminal complaint was filed against Levoff alleging one count of securities fraud. On the same day, Levoff was sued by the U.S. Securities and Exchange Commission for insider trading. Levoff was fired from Apple in September 2018.
Senior trial counsel Courtney A. Howard and Assistant U.S. Attorney Daniel V. Shapiro, chief of the Economic Crimes Unit, will be prosecuting the case.
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