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Former Apple Lawyer Facing Criminal Charges for Insider Trading

This stuff always amazes me. I spent 6 years in Finance and every year we had to take a course in insider trading. I was privy to all sorts of stuff I couldn't talk about because my team worked supported the company and we would see strange names tied to lawsuits / mergers that weren't even announced yet.
The thing is sometimes it takes the SEC 5 years to build a case based on trading patterns but they will find out eventually especially if trades are over $10,000
 
konqerror said:
And again, Apple fired him because he violated a law. When firing somebody for cause you have to be specific, and it has to be fair. A court evaluates this under the principle of good faith.

You cannot fire somebody for mismatched socks, even if you have a policy against it. It is fair to fire somebody for violating a law.

However, if you fire somebody because of insider trading, and a court finds that no insider trading occurred, then you're in trouble because your reason for firing was invalid.

If an employer fired you for theft, and it was proven in a court of law that no theft occurred, what would you think? Do you think that's fair? Do you think you should be compensated? Use common sense.
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Why can’t you fire someone for mismatched socks? Was he not an at-will employee?
 
Substance90 said:
To those of you too quick to hate on the guy, imagine how hard it must be to not sell stock that you know is going to drop in value tomorrow or not to buy one that you know for sure is going to appreciate. Loss aversion is a very powerful emotion.
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Which emotion makes someone averse to prison?

If people aren’t equipped to deal with the temptations of his role, perhaps, as a company policy or law, they shouldn’t be allowed to own stock in the company that employs them.
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I7guy said:
Attempting to equate Power management, with insider trading is not in the same realm.
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Tell that to all the class action lawyers, State attorneys, and foreign agencies who are suing Apple for Batterygate. At the heart of every misstep is someone who chose self-preservation or enrichment at the detriment of others.
 
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Sounds like he had a good run while it lasted maybe he will be mopping floors in a federal pen for .23 cents a hour
 
oneMadRssn said:
This isn't monumentally stupid because of the quantity - it's stupid because of his position and how easy it is to catch exactly this kind of insider trading. If he was trading a single share, he still would have been caught.

I've heard of some sophisticated schemes to hide insider trading. You can instead trade in ETFs that hold said stock in a relatively high percentage, never using the same ETF twice. You can hide behind a spaghetti of shell corporations. You could anonymously sell the insider information. This guy did none of that.
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I love these posts. The guy was in charge of preventing insider trading at one of the biggest tech companies in the world. He knew every angle. The problem is no matter how good u are at stealing money, unless it’s a sack of cash u run off with when no ones looking there is ALWAYS a trail and a timeline to be traced. Greed got him. Simple as that.
 
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