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Apple's former top lawyer has pleaded guilty to insider trading using earnings data to make $4 million in illegal profits

via:凤凰网     time:2022/7/1 9:01:55     readed:75


Gene & Middot, apple's former lead counsel; lvov

Phoenix network technology news Beijing time on July 1 news, Apple inc. 's former chief lawyer Gene & Middot; Gene Levoff pleaded guilty Thursday to insider trading charges.Prosecutors accused Mr. Liveroff of running a five-year insider trading scheme to trade apple stock ahead of the company's quarterly earnings release.

Lviv, 48, is a native of SAN Carlos, California. At a hearing on Thursday in Newark, New Jersey, he testified before U.S. District Judge William & Middot; William Martini pleaded guilty before him to six counts of securities fraud.

Prosecutors said Mr. Lviv allegedly used his roles as Apple's secretary, corporate law chief and co-chair of a committee that reviewed drafts of Apple's financial statements to make more than $14 million in trades between 2011 and 2016, generating $604,000 in illegal gains.

Prosecutors said Mr Lviv ignored a quarterly "lock-up period" that banned trading ahead of Apple's earnings, as well as apple's broader insider trading policy, which he was responsible for enforcing. Vikas & Middot, the first Assistant U.S. attorney of New Jersey; Vikas Khanna, lviv's chief executive, said in a statement: "Lviv betrayed the trust of one of the world's largest technology companies for its own economic gain."

Under the law, each count carries a maximum penalty of 20 years in prison and a $5 million fine, though Lviv's punishment is likely to be much smaller. Sentencing in Lviv is set for November 10.

Apple fired Lviv in September 2018, five months before the criminal charges were filed against him. The Securities and Exchange Commission also brought related civil charges against him. Authorities have said the company servers used to process Mr. Lviv's transactions are located in New Jersey, so the case was filed there. Mr. Lviv's lawyer has yet to comment. (Author/Xiao Yu)

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