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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsApple's top corporate attorney indicted in five-year insider trading scheme
https://www.justice.gov/usao-nj/pr/former-director-corporate-law-global-technology-company-indicted-insider-tradingNEWARK, N.J. The former corporate secretary and director of corporate law at a global technology company headquartered in Cupertino, California, was indicted today for orchestrating a five-year insider trading scheme, U.S. Attorney Craig Carpenito announced.
Gene Levoff, 45, of San Carlos, California, was indicted on six counts of securities fraud and six counts of wire fraud. Levoff was initially charged by complaint in February 2019.
According to documents filed in this case and statements made in court: Between February 2011 and April 2016, Levoff the top corporate attorney at Company-1, who also served as the companys assistant secretary and corporate secretary allegedly misappropriated material, nonpublic information about Company-1s financial results and then executed trades involving the companys stock. This scheme to defraud Company-1 and its shareholders allowed Levoff to realize profits of approximately $227,000 on certain trades and to avoid losses of approximately $377,000 on others.
Levoff used his position as a member and co-chairman of Company-1s Disclosure Committee which reviewed and discussed the companys draft quarterly and yearly earnings materials and periodic U.S. Securities and Exchange Commission (SEC) filings before they were disclosed to the public to obtain material, nonpublic financial information about Company-1. Levoff used this confidential information to buy and sell stock in Company-1 ahead of its quarterly earnings announcements. When Levoff discovered that Company-1 had posted strong revenue and net profit for a given financial quarter, he purchased large quantities of stock, which he later sold for a profit once the market reacted to the news. When he learned that Company-1 had posted lower-than-anticipated revenue and net profit, he sold large quantities of Company-1 stock, avoiding significant losses.
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Apple's top corporate attorney indicted in five-year insider trading scheme (Original Post)
fleur-de-lisa
Oct 2019
OP
mahatmakanejeeves
(57,574 posts)1. What was he thinking?
Full disclosure: I own shares of AAPL.
Blue_true
(31,261 posts)3. Pure greed. Total pure greed, nothing else. nt
Blue_true
(31,261 posts)2. This case is a prime example of the price of greed.
Given his office, the guy was likely making several million dollars per year. Yet he risked his longterm future for ~ $600,000. That is greedy and he has gotten what he deserves.
BSdetect
(8,998 posts)4. Its never enough for them.