Gene Levoff who was the senior director of corporate law and corporate secretary till September. The SEC ( Security and Exchange Commission) charged him with insider trading on Wednesday.
As stated in the lawsuit filed on Wednesday in the U.S District Court on New Jersey
“traded on material nonpublic information about Apple’s earnings three times during 2015 and 2016”.
The complaint also mentions
“Levoff also had a previous history of insider trading, having traded on Apple’s material nonpublic information at least three additional times in 2011 and 2012. For the trading in 2015 and 2016, Levoff profited and avoided losses of approximately $382,000.”
He neglects the company’s “BlackOut” period for stock transaction, buying or selling stock worth tens of millions of dollars, according to SEC.
The U.S Department of Justice announced that they are going to charge Levoff with one count of security fraud. Levoff was suspended from apple in July 2018 and dismissed in September, the SEO lawsuit says.
“After being contacted by authorities last summer we conducted a thorough investigating with the help of outside legal experts, which resulted in termination,” Apple said in a statement Wednesday.
SEO complaints say’s “Before his termination,he is responsible for apple’s compliance with securities law”
Source – CNBC