Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading

The former senior Apple lawyer who avoided prison time after pleading guilty to insider trading must pay a $1.15 million fine in a related U.S. Securities and Exchange Commission civil case, a federal judge ruled on Tuesday.

Gene Levoff, who was a senior director of corporate law in charge of enforcing Apple’s Insider Trading Policy, was aware of Apple financial results before they were public, and the government alleged he engaged in that conduct himself. Levoff pleaded guilty to trading based on drafts’ of Apple’s SEC earnings filings. He was sentenced in December 2023 to four years of probation, avoiding jail time.

Jonathan Stempel for Reuters:
‎

Prosecutors charged him five months later with making stock trades based on advance nonpublic information about Cupertino, California-based Apple’s earnings announcements.

Levoff pleaded guilty to securities fraud in June 2022, and was sentenced by Martini in December to four years of probation, 2,000 hours of community service and a $604,000 forfeiture.

In court papers, Levoff called the fine unnecessary, saying he had been punished enough and made no effort to hide his stress-induced trading, which he labeled “self-sabotage.”

But the judge said Levoff, a Stanford University law school graduate, knew his trading was wrong, and could handle the fine given his estimated $13 million net worth.

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
‎
MacDailyNews Take: This loser ought to be fined much more; until he really feels it.
‎
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.

The post Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading appeared first on MacDailyNews.