Apple's Ex-Corporate Law Director Gene Levoff Admits to Insider Trading
2022年7月1日 - 5:50AM
Dow Jones News
By Kathryn Hardison
Apple Inc.'s former corporate secretary and director of
corporate law Gene Levoff admitted Thursday to an insider trading
scheme that lasted five years.
Mr. Levoff, of San Carlos, Calif., pleaded guilty by
videoconference before U.S. District Judge William Martini to six
counts of an indictment charging him with securities fraud,
according to the U.S. Attorney's Office in New Jersey.
Mr. Levoff misappropriated materials and nonpublic information
about Apple's financial results, and then traded company stock,
from February 2011 to April 2016. Mr. Levoff realized profits of
$227,000 on certain trades and avoided losses of about $377,000 on
others, according to documents filed in the case and statements
made in court.
Mr. Levoff was co-chairman of Apple's disclosure committee,
which reviews the company's draft quarterly and yearly earnings
materials and Securities and Exchange Commission filings. He used
that information to buy and sell Apple stock ahead of earnings
reports, according to court documents and statements.
Each count of securities fraud carries a maximum penalty of 20
years in prison and a $5 million fine. Sentencing is scheduled for
Nov. 10.
Apple representatives didn't immediately respond to requests for
comment.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
June 30, 2022 16:35 ET (20:35 GMT)
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