Beijing time July 1 news, Apple’s former chief lawyer Gene Levoff (Gene Levoff) on Thursday pleaded guilty to insider trading charges. Prosecutors accused Lviv of running a five-year insider-trading scheme to trade shares ahead of Apple’s quarterly earnings report.
▲ Apple’s former chief lawyer Gene Lviv
Lviv, 48, is from San Carlos, California. He pleaded guilty to six counts of securities fraud before U.S. District Judge William Martini on Thursday at a hearing in Newark, New Jersey.
Prosecutors say Lviv allegedly used his role as Apple’s secretary, corporate law chief and co-chair of a committee that reviews Apple’s draft earnings to conduct more than $14 million in deals between 2011 and 2016 to secure the . Illicit proceeds of $604,000 (approximately $4 million).
Prosecutors said Lviv ignored a quarterly “lockup” that prohibits trading before Apple’s earnings release, as well as Apple’s broader insider-trading policy that he was responsible for enforcing. “Lviv betrayed the trust of one of the world’s largest technology companies for its own financial gain,” New Jersey 1st Assistant Attorney Vikas Khanna said in a statement.
Under the law, each count carries a maximum sentence of 20 years in prison and a $5 million fine, although Lviv’s penalty could be much smaller. Sentencing in Lviv is scheduled for November 10.
In September 2018, five months before Lviv was criminally charged, Apple fired him. The SEC has also brought related civil charges against him. Authorities had said the company’s servers that handled the Lviv transactions were located in New Jersey, so the lawsuit was filed in that state. Lawyers for Lviv were not available for comment.
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