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SEC Charges Former Apple Lawyer Gene Levoff With Insider Trading [Updated]

cmaier said:
When was it you could “rest assured?” The original Mac that didn’t ship with a reasonable amount of RAM? The mac cube that cracked when you used it? The 2013 MBP’s with mainboards that need to be replaced every two years due to graphics chip solder cracks? The “you’re holding it wrong” iPhones? The iOS 6 maps?

If we’re going to “Make Apple Great Again” I’m just curious what year we’re talking about.
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It sure as hell isnt going to be the years under cook. Every product released since 2012 if there was a release at all, have problems and aren’t competitive priced. Most are faulty by design by not being able to handle the heat under strong workload.
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Tonewheel said:
Pretty naive to think this behavior is limited to Apple.
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Apple takes this behavior to the extreme.
 
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He makes sure Apple employees don't cheat.
The SEC makes sure he doesn't cheat.
Who makes sure the SEC doesn't cheat?
 
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One word comes to my mind: Stupidity



alex2792 said:
Apple loves the LGBTQs so much that they’re opening stores in Saudi Arabia, the beacon of human rights and religious tolerance.
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OT
I am sorry to tell you this, the whole world does the same (concerning Saudi Arabia), looking the other way.
 
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thadoggfather said:
Wouldm't the plan being four months prior still not negate at least the possibility of insider information and trading? Not that top level people shouldnt be allowed to trade at all whatsoever, but how can they be impartial when they run the company with internal knowledge of what's to come on the roadmap, years out, more than average Joe analyzing headlines and hearsay? Seems like a slippery slope.

Thats what I wrestle with conceptually
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If the plan is adopted during a period in which the exec is not in possession of material non-public information about the company, subsequent trading under the plan would generally be outside federal insider trading rules. Companies generally open "trading windows" shortly after each quarter's results are announced (in Apple's case, apparently 60 hours). The plan you referred to was probably adopted by Cook during the open window following the prior quarter's earnings release.

The truly astonishing thing is that this person thought they could get away with this. Electronic surveillance of the securities markets makes it exceptionally easy to find these trades, even without the benefit of mandatory public reporting of purchases and sales by company insiders. A senior lawyer, of all people, should have known this.
 
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VulchR said:
You can serve jail time for robbing a bank with an unloaded weapon. Theft is theft. The fact that white-collar crime is not punished in the same way as blue-collar crime is rather like having lower taxes on unearned income compared to earned income. The system favors the powerful and rich.
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Didn’t George Carlin propose the return of public executions for bankers and other white-collar douchebags? ;)
 
In other news, Tim Cook was caught doing hanky panky...

I can imagine how many bad apples there are within the company..
 
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pat500000 said:
In other news, Tim Cook was caught doing hanky panky...

I can imagine how many bad apples there are within the company..
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As opposed to anywhere else? (Not sure what that other Tim Cook imaginary "commentary" has anything to do with anything.)
 
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Clever... (but not clever enough... obviously.)

"Terminated" just sounds like a direct rip-off form a Termination 3 movie... or Back to the Future scene... I think the analogy there was the same
 
Gene Levoff has done a great job of hiding his mug shot from the internet for the time being. His license, though, has changed to inactive status as of 12/2018.

http://members.calbar.ca.gov/fal/Licensee/Detail/217907

DOJ charges carry a maximum penalty of 20 years in prison and a fine of $5 million but somehow Apple will settle financially so he'll get minimum time and won't have to out other bad apples.
 
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bluespark said:
A "guilty" finding is not possible here because this is a civil (not criminal) suit. And he didn't steal the money; rather, he allegedly traded based on information not available to his counterparty (i.e., those buying his stock). A better analogy would be selling a car where you alone knew of an engine problem. That may be a crime, but it's typically much clearer that your buyer should be allowed to recover financial relief. That's what the S.E.C. is mainly after here (disgorgement, with interest).
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So why have only civil charges been filed for somebody stealing so much? Oh, he has a white collar. And it is stealing - he made money from buying and selling stocks, which means somebody else lost money. But hey, it's white collar, so it must be a 'victimless' crime, right?

I do understand that if the guy is guilty he should be made to pay back money, but I also think there should just as severe personal consequences for this kind of theft as blue collar theft. The prisons should be the same as well.
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trusso said:
Didn’t George Carlin propose the return of public executions for bankers and other white-collar douchebags? ;)
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Well, i favor the other form of stocks:

w0027.JPG

Image source: http://www.lm2dm.org/williamsburg/graphics/willpics/w0027.JPG
 
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It's amazing how otherwise intelligent people could do something so incredibly dumb, for so little relative reward. Selling your entire portfolio, of $10 million, 4 days before earnings results. That alone would be a red flag, but for a person that works for the company to do so, it's probably the easiest case they've ever had to prosecute.
 
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Kettil said:
This is probably about power rather than greed. Some like to think they can get away with anything.
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Money is power. It was about the money, doubt it was about the thrill of getting away with something.
 
G5isAlive said:
Money is power. It was about the money, doubt it was about the thrill of getting away with something.
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The truth is probably somewhere in the middle. Considering what little was gained compared to his income, and what was lost when he got caught, I believe he found it 'thrilling'.
In my opinion, money doesn't equal power (which isn't what you said, either). That's an illusion that people who desire power like us to believe... It's an artificial, self-devouring power that separates us from most of what life really is about.
 
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Probably rose quickly through the ranks to VP then SVP by scratching other executives' backs. See reference to him signing off financial documents for Eddie Cue and others at that level.
 
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HJM.NL said:
There is nothing wrong with making profits. But there’s a limit, crossing it it’s called greed.
Apple products have always been expensive but you could rest assured that you got the best of the best in hard- and software or at least similar priced to high end competitors.

Today the greediness has gotten totally out of control imho. From a cable to ram, from a keyboard to an iPad Pro. Old hardware is being sold as if it was introduced yesterday.

Cook & Co don’t earn my trust anymore and when companyleaders show that mentality it sure isn’t a surprise others in ranking follow suit.
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in a case like these, we're way past greed.

we're at avarice now. this is pure avarice.
 
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