Apple’s former top corporate lawyer pleads guilty to insider trading

The former top corporate lawyer for Cupertino technology giant Apple on Thursday pleaded guilty to insider trading.

“Gene Levoff betrayed the trust of one of the world’s largest tech companies for his own financial gain,” federal prosecutor Vikas Khanna said. “Despite being responsible for enforcing Apple’s own ban on insider trading, Levoff used his position of trust to commit insider trading in order to line his own pockets.”

Levoff, who co-chaired the Apple committee that reviewed draft quarterly and yearly earnings data and regulatory filings before they were publicly disclosed, misappropriated non-public information about Apple’s financial results and then traded the company’s stock, the Justice Department said. Levoff ignored the “blackout periods” barring employees with such non-public information from trading the firm’s stock until the financial results were publicly reported, the department said.

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