Trends
Apple ex-lawyer ordered to pay $1.15M SEC fine for insider trading
OUR TAKE The insider trading practices of Gene Levoff, a former senior Apple lawyer, underscore the importance of financial regulation and the urgent need for transparent markets. Judge Martini’s ruling shows that no one can escape the law, even in a senior position, which is essential to maintain m…
Headline
OUR TAKE The insider trading practices of Gene Levoff, a former senior Apple lawyer, underscore the importance of financial regulation and the urgent need for transparent markets. Judge Martini’s ruling shows that no one can escape the law, even in a senior position, which is…
Context
OUR TAKE The insider trading practices of Gene Levoff, a former senior Apple lawyer, underscore the importance of financial regulation and the urgent need for transparent markets. Judge Martini’s ruling shows that no one can escape the law, even in a senior position, which is essential to maintain market fairness and investor confidence. –Revel Cheng, BTW reporter The former senior Apple, opens new tab lawyer who avoided prison time after pleading guilty to insider trading must pay a $1.15 million fine in a related U.S.
Evidence
Pending intelligence enrichment.
Analysis
The former senior Apple lawyer, who avoided prison time after pleading guilty to insider trading, must pay a $1.15 million fine in a related U.S. Securities and Exchange Commission civil case, a federal judge ruled on Tuesday. U.S. District Judge William Martini in Newark, New Jersey, said that while Gene Levoff “was not living excessively, his violations were nonetheless especially egregious” given the lawyer’s former role in enforcing Apple’s insider trading policies. The proposed SEC fine was triple Levoff’s estimated $384,400 profit or avoided losses on six trades. In court papers, Levoff called the fine unnecessary, saying he had been punished enough and made no effort to hide his stress-induced trading, which he labeled “self-sabotage.” However, the judge said Levoff, a graduate of Stanford University Law School, knew his trading was wrong and could handle the fine given his estimated $13 million net worth.
Key Points
- The former senior Apple, opens new tab lawyer who avoided prison time after pleading guilty to insider trading must pay a $1.15 million fine in a related U.S.
- Levoff had been the senior director of corporate law at Apple before the iPhone maker fired him in September 2018.
Actions
Pending intelligence enrichment.
