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The job of one of Apple Inc.'s top lawyers was to ensure that no employee would violate the company's insider trading policies. It turned out that he was the one who illegally traded Apple stocks, according to US regulators.
The US Securities and Exchange Commission (SEC) filed a lawsuit against Gene Daniel Levoff, who was Apple's chief executive officer until September 2018, and was also a member of the company's disclosure committee. society. According to the record, Levoff leveraged its well-positioned position to manage its privately negotiated Apple shares. He would have access to the results of the periodic profits of the company and to a public ranking project before publication.
Levoff would then use this information to plan his transactions. If the ratio were bullish, he would buy Apple stocks at a lower rate. If bearish, he would sell them before others.
"The alleged exploitation of Levoff's access to financial information from Apple was particularly egregious given its responsibility to implement the company's policy of compliance with insider trading," said Antonia Chion, Director badociated with the SEC, in a press release.
$ 727,000 of potential losses avoided
The SEC said Levoff had breached Apple's insider rules on at least three accounts. For example, in July 2015, he was aware of the bad report on Apple's iPhone sales. At that time, Levoff had almost sold all of his stake in Apple, which was worth $ 10 million. After the release of the quarterly report by Apple, its share fell by more than 4%. To this end, Levoff has avoided a potential loss of about $ 345,000.
It's insane.
Apple's lawyer responsible for ensuring that the company remains in compliance with securities law with the SECHttps: //t.co/ysnsHx1nNz
– Eric Newcomer (@EricNewcomer) February 13, 2019
The SEC also alleged that Levoff made profits of $ 245,000 between 2011 and 2012. Later in 2015 and 2016, he avoided losses of $ 382,000. Adding this to Levoff's potential loss of $ 345,000, the former Apple lawyer was able to bypbad losses of a minimum of $ 727,000.
Shooting 2018
Apple has confirmed that Levoff made illegal transactions during his tenure at their company. The tech giant said that he had opened an internal investigation against Levoff after receiving a SEC board in 2017. They ended up finishing it in September 2018 after putting him out of two month.
"After being contacted by the authorities last summer, we conducted a thorough investigation with the help of external legal experts, which resulted in the termination," Bloomberg told Josh Rosenstock. , Apple spokeswoman.
If found guilty, Levoff could end up paying an amount equal to the profits and losses that he has made from his alleged insider trading activities, the SEC said. He can also face a penalty three times that amount. In addition, Levoff is also considering the potential ban on serving on the board of directors of publicly traded companies.
The US lawyer also filed a criminal case against Levoff, sentencing him to 20 years in prison and a fine of $ 5 million.
CCN is trying to contact Levoff's lawyer for other statements. Please look at this space for more updates.
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