Ex-Apple lawyer guilty of insider trading fined 10% of net worth
Gene Levoff was meant to police insider trading at Apple, but was caught in the act, found guilty, and given four years probation. He's now been fined $1.15 million in a related SEC case.
Gene Levoff
Apple's former lawyer has had a rough time since he was accused of insider trading in 2018. He faced a maximum sentence of 120 years and $30 million in fines, but got off easy with four years probation.
According to a report from Reuters, Gene Levoff has been fined in a separate but related SEC civil case. He must pay $1.15 million for the violation.
The judge on the case, U.S. District Judge WIlliam Martini in Newark, New Jersey, said the violations "were nonetheless especially egregious," given his position at Apple. Levoff has a net worth of $13 million, so the judge expects he can handle the fine.
Between 2011 and 2016, Levoff made around $227,000 in profits and avoided $377,000 in losses. He was able to make such moves thanks to his early access to earnings reports and secret sales figures.
Levoff pled guilty to all charges in 2022. He was sentenced to four years of probation, 2,000 hours of community service, and a $604,000 forfeiture.
The related SEC case requiring the fine is the end of Levoff's legal troubles. His $384,400 in illegal profits earned him approximately $1.75 million in fines.
A lawyer for his case shared that the judge has been fair and even-handed throughout the case. They respect the decision and are pleased to move on.
Read on AppleInsider
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