Guy Who Policed Insider Trading Before Claiming Insider Trading Doesn’t Exist Pleads Guilty To Insider Trading

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Guy Who Policed Insider Trading Before Claiming Insider Trading Doesn’t Exist Pleads Guilty To Insider TradingGene Levoff’s career comes full circle.

• Author:Jon Shazar
• Publish date:Jul 5, 2022

Gene Levoff’s career comes full circle.

You might expect that enforcing a company’s insider-trading policies would give a person a pretty good insight into how one might evade them. And, to be fair to him, Gene Levoff did a pretty decent job: He managed to get away with it for five years, possibly because he aimed fairly low—earning just $220,000 and skirting just $377,000 in losses trading on tidbits he gleaned reviewing the company’s draft results—or possibly because as the person charged with holding Apple employees to the relevant blackout periods, he chose to exempt himself from scrutiny. But unfortunately for Levoff, he didn’t do quite as good a job as he undoubtedly hoped, which is why you’re reading about it.

Gene Levoff, 48, of San Carlos, California, pleaded guilty to six securities fraud charges at a hearing before U.S. District Judge William Martini in Newark, New Jersey…. Each count carries a maximum 20-year prison term and $5 million fine, though Levoff’s punishment would likely be much less. Levoff’s sentencing is scheduled for Nov. 10.

Of course, Levoff—who, again, once enforced policies against insider-trading—didn’t go down without at least trying the well-worn tactic of claiming that his job wasn’t even necessary.

In 2020, Mr. Levoff’s legal team filed a motion to dismiss the case, arguing that the complaint was unconstitutional because no law existed against insider trading. But Judge William Martini rejected the motion, saying that the argument was “incorrect” and that Congress passed laws to ensure “fair and honest markets.”

Former top Apple lawyer pleads guilty to insider trading [CNBC]
Former Apple Lawyer Pleads Guilty to Insider Trading [NYT]

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Tagsterms:insider-tradingfraudlawGene LevoffWilliam MartiniApplecrimeBy Jon Shazar

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