Apple’s insider-trading policy enforcer accused of insider trading

The Apple logo takes corporeal form outside an Apple store

He also informed Apple employees of their obligations under the insider trading policy around earnings time, while seemingly at the same time planning to ignore them.

Levoff, of San Carlos, California, had worked at Apple for a decade and overseen about 20 to 30 lawyers and paralegals responsible for its global corporate law issues prior to his termination in September, the SEC said.

Levoff, who until previous year was Apple's senior director of corporate law, repeatedly traded on non-public revenue-and-earnings filings dating back to 2011, the Securities and Exchange Commission and federal prosecutors said Wednesday.

United States prosecutors have charged a former top Apple lawyer with insider trading.

The SEC has accused a former Apple executive of using advance information about the company's finances to sell off stock and avoid losses.

Levoff allegedly had access to earnings results and information on iPhone sales that weren't yet public. According to the lawsuit filing, Levoff "traded on material nonpublic information about Apple's earnings three times during 2015 and 2016".

Levoff was part of Apple's Disclosure Committee-one of the people who could review the company's quarterly financial reports ahead of their publication.

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The SEC also alleges that Levoff has a history of insider trading beyond the three instances in 2015 and 2016.

Federal prosecutors say Gene Levoff, Apple's senior director of corporate law until a year ago, used advance information about the company's earnings to trade its shares ahead of three quarterly reports in 2015 and 2016.

As co-chairman of Apple's disclosure committee, Levoff helped Chief Executive Officer Tim Cook and his predecessor, Steve Jobs, ensure the timeliness, accuracy and proper oversight of company disclosures, including financial results, according to authorities. "The notices, emailed to employees subject to the blackout periods, reminded them of the insider trading policy, and since at least 2015, included a link to the insider trading policy".

Apple has yet to release an official comment on the matter. The former is seeking a fine and a ban on him serving on public company boards, as well as repaying his profits, while the DOJ's charges carry a penalty of up to 20 years in prison.

The charges against Levoff were filed in New Jersey, where authorities said servers were located for firms that handled Levoff's illegal trades.

Levoff is being sued in U.S. District Court in New Jersey.

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