Ex-Apple exec Gene Levoff was accused of exploiting his position at Apple to trade stocks ahead of earnings

[admin]

The former lawyer “responsible for Apple’s compliance with securities laws” has been charged by the SEC for...insider trading.

Ex-Apple exec Gene Levoff was accused of exploiting his position at Apple (-0.42%) to trade stocks ahead of earnings, per CNBC. Translation: He’s accused of breaking the very rules he enforced.

Sounds juicy...more details, please. According to the SEC, he traded using insider knowledge on at least three occasions in 2015 and 2016 and had a history of insider trading before that.

• One sampling from 2015: Levoff allegedly caught wind that Apple would miss its Q3 iPhone sales estimates that year. Then...
• “Between July 17 and the public release of Apple’s quarterly earnings information on July 21, Levoff sold approximately $10 million of Apple stock,” avoiding about $345,000 in losses.

Levoff got the boot from Apple in 2018, but it’s still a bad look for a company that’s been roughed up by the press this week for its upcoming news subscription service and an app that allows Saudi men to track women.