A report by CNBC this morning says that Gene Levoff, former senior director of corporate law and corporate secretary for Apple, traded AAPL using nonpublic information.
From the breaking news story:
Gene Levoff, senior director of corporate law and corporate secretary until September, traded on material nonpublic information about Apple’s earnings three times during 2015 and 2016, according to the lawsuit Tuesday in the U.S. District Court of New Jersey.
Levoff also had a previous history of insider trading, having traded on Apple’s material nonpublic information at least three additional times in 2011 and 2012. For the trading in 2015 and 2016, Levoff profited and avoided losses of approximately $382,000, the complaint says.
According to CNBC, Levoff has a history of trading based on insider information multiple times throughout 2011 and 2012, and 2015 and 2016. He allegedly avoided stock losses up to $382,000.
The suit details Levoff was fired from Apple in September 2018, and ironically, recalls how he was “responsible for Apple’s compliance with securities laws”.
Apple is yet to comment, however, we’ll update this story when more information becomes available.