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Former Apple Lawyer Gene Levoff Pleads Guilty to Insider Trading

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Former Apple vice president of corporate law Gene Levoff has pleaded guilty to six counts of securities fraud for insider trading, according to a Department of Justice (DOJ) press release (via The Verge).

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The former Apple lawyer "misappropriated material, nonpublic information about Apple's financial results and then executed trades involving the company's stock" from February 2011 to April 2016, says the release.

Levoff also served on Apple's Disclosure Committee from September 2008 to July 2018. In this position, he was supposed to be responsible for ensuring that other Apple employees were compliant with Apple's insider trading policies, including enforcement of "blackout periods" around the time of Apple's earnings reports.

Instead, he allegedly secured profits for himself worth approximately $227,000 and avoided losses of around $377,000. Apple terminated his employment in September 2018. The SEC previously filed a civil complaint against Levoff based on the same conduct.

The six securities fraud counts each carry a maximum penalty of 20 years in prison and a $5 million fine. Levoff's sentencing is scheduled for November 10.

Article Link: Former Apple Lawyer Gene Levoff Pleads Guilty to Insider Trading
 
Article Link
https://www.macrumors.com/2022/07/01/former-apple-lawyer-pleads-guilty-insider-trading/
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iAFC said:
Crimes against the economy like this also represent a threat to the foundations of a free market democracy, and should be punished accordingly.
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Well 20 years in prison and 5 million penalty sounds really really harsh, like North Korea regime harsh. I guess he will get probation and a penalty amounting to around x2 what he earned from this scheme. Anything else would be very unjust.
 
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LarrySW said:
He was probably being paid extremely well so I really don’t understand his thinking or reason for doing this. Just stupid and reckless.
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But money IS the problem for that kind of people. But not the lack of it.
But the raising greed and lack of ethics that many times grows when the money number increases. Together with an inflated ego that think they can manipulate and take power over a lot of things and people.
 
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nikaru said:
Well 20 years in prison and 5 million penalty sounds really really harsh, like North Korea regime harsh. I guess he will get probation and a penalty amounting to around x2 what he earned from this scheme. Anything else would be very unjust.
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As a lawyer he should have anticipated this. I'm glad I don't steal. 😊
 
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It is extremely harsh. If you commit a murder you get less. Goes to show that taxes are valued more than human life.
Sad

nikaru said:
Well 20 years in prison and 5 million penalty sounds really really harsh, like North Korea regime harsh. I guess he will get probation and a penalty amounting to around x2 what he earned from this scheme. Anything else would be very unjust.
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Freida said:
It is extremely harsh. If you commit a murder you get less. Goes to show that taxes are valued more than human life.
Sad
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What does this have to do with taxes?

He manipulated the very system he was charged with ensuring compliance with. In the end of the day he stole value from ordinary stock holders, sure it's white collar crime, but it has real world reproductions that effect every aspect of human life, because money effects every aspect of human life.

I don't think he's going to get 120 years, maybe 3 years at "club Fed" some heavy fines and probation.

He was in a position to know better, if you can't do the time, don't do the crime, and he broke all three points of law that make up a crime. Will, intent, and a harmed party.

He had the will to commit the crime, he intended to commit the crime, and stockholders where finically harmed.

Throw the book at him and make an example of him, I hold Apple stock and I can't prove what his crime costs me personally, only that it costed me something.
 
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nikaru said:
Well 20 years in prison and 5 million penalty sounds really really harsh, like North Korea regime harsh. I guess he will get probation and a penalty amounting to around x2 what he earned from this scheme. Anything else would be very unjust.
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A slap on the wrist for this would entice others to try and do it since there'd be little risk in doing so. Terrible idea.
 
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Crazy. Whenever I see things like this it's normally for a huge amount of personal gain. Although a couple hundred thousand $ isn't to be sniffed at - seems like a small amount for such a huge risk and personal wrongdoing. Why do people cheapen themselves for things like this? Guess his principles aren't worth that much.
 
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This is for the crazy ones.
Michael Milken. Ivan Boesky. Hank Greenberg. Bernard Ebbers. Ken Lay. Bernie Madoff.
Trade Different.
 
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MacRumors said:
Levoff also served on Apple's Disclosure Committee from September 2008 to July 2018. In this position, he was supposed to be responsible for ensuring that other Apple employees were compliant with Apple's insider trading policies, including enforcement of "blackout periods" around the time of Apple's earnings reports.
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To be fair he should be an expert at identifying this type of behavior 🤣
 
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Will Co said:
Crazy. Whenever I see things like this it's normally for a huge amount of personal gain. Although a couple hundred thousand $ isn't to be sniffed at - seems like a small amount for such a huge risk and personal wrongdoing. Why do people cheapen themselves for things like this? Guess his principles aren't worth that much.
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My thoughts exactly. The amount of money gained is probably a year or 2 worth of his salary that he was getting paid. It always amuses me when educated white collar professionals do such dumb things for peanuts.

The guy had what would be a dream job for many. Makes no sense he probably got stock options too. Had he just followed the rules and laid back he probably would have made just as much or more legally. Hell he could have made more just on his 401k over the course of a few years.

Oh well now he will be locked up, fined, disbarred, and live the hard life of a convicted felon when he does get out.
 
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nikaru said:
Well 20 years in prison and 5 million penalty sounds really really harsh, like North Korea regime harsh. I guess he will get probation and a penalty amounting to around x2 what he earned from this scheme. Anything else would be very unjust.
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Even with the dislikes, I agree with your take…
I’m not condoning it but there’s always something off with these things, there’s people stealing 100x more, others getting away with murder, some buying $700M yachts out of the despair of entire countries… and not only they get away with it scotch free, for some they even enjoy the benefits of continuing doing business with all sorts of international organizations.
 
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