financetom
Business
financetom
/
Business
/
Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading
Jul 2, 2024 1:27 PM

July 2 (Reuters) - The former senior Apple ( AAPL )

lawyer who avoided prison time after pleading guilty to insider

trading must pay a $1.15 million fine in a related U.S.

Securities and Exchange Commission civil case, a federal judge

ruled on Tuesday.

U.S. District Judge William Martini in Newark, New Jersey,

said that while Gene Levoff "was not living excessively, his

violations were nonetheless especially egregious" given the

lawyer's former role enforcing Apple's ( AAPL ) insider trading policies.

Levoff had been senior director of corporate law at Apple ( AAPL )

before the iPhone maker fired him in September 2018.

Prosecutors charged him five months later with making stock

trades based on advance nonpublic information about Cupertino,

California-based Apple's ( AAPL ) earnings announcements.

Levoff pleaded guilty to securities fraud in June 2022, and

was sentenced by Martini in December to four years of probation,

2,000 hours of community service and a $604,000 forfeiture.

The proposed SEC fine was triple Levoff's estimated $384,400

profit or avoided losses on six trades.

In court papers, Levoff called the fine unnecessary, saying

he had been punished enough and made no effort to hide his

stress-induced trading, which he labeled "self-sabotage."

But the judge said Levoff, a Stanford University law school

graduate, knew his trading was wrong, and could handle the fine

given his estimated $13 million net worth.

"Regardless of why he was trying to get caught, he acted

knowingly and willfully," Martini wrote.

Kevin Marino, a lawyer for Levoff, said in an email: "We are

of course disappointed, but Judge Martini has been fair and

even-handed throughout this case and we respect his decision.

Mr. Levoff is pleased to put this matter behind him and move on

with his life."

The case is SEC v Levoff, U.S. District Court, District of

New Jersey, No. 19-05536.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Novo Nordisk says high-dose semaglutide trial shows 20.7% weight loss
Novo Nordisk says high-dose semaglutide trial shows 20.7% weight loss
Jan 17, 2025
COPENHAGEN, Jan 17 (Reuters) - Novo Nordisk said on Friday that a late-stage trial with 7.2 milligram (mg) of semaglutide, a high-dose version of the active ingredient used in its blockbuster obesity drug Wegovy, helped overweight patients cut their weight by 20.7%. ...
Truist beats quarterly profit estimates on investment banking gains
Truist beats quarterly profit estimates on investment banking gains
Jan 17, 2025
(Reuters) - Truist Financial on Friday exceeded Wall Street estimates for fourth-quarter profit, helped by stronger investment banking and trading activity as capital markets strengthened. A resilient economy, declining interest rates and expectations of relaxed regulations under the Trump administration have boosted corporate enthusiasm for mergers and acquisitions. Equity and debt issuance also surged in the latter half of 2024....
Novartis Obtains Temporary Court Order Blocking Generic Version of Entresto
Novartis Obtains Temporary Court Order Blocking Generic Version of Entresto
Jan 17, 2025
07:27 AM EST, 01/17/2025 (MT Newswires) -- Novartis ( NVS ) has obtained a temporary order from the US Court of Appeals for the Federal Circuit, preventing MSN Pharmaceuticals from launching a generic version of its heart-failure drug, Entresto, according to the court order on Thursday. MSN Pharmaceuticals had planned to launch its generic on Thursday, coinciding with the expiration...
Citadel Securities applies for securities licence in China
Citadel Securities applies for securities licence in China
Jan 17, 2025
HONG KONG (Reuters) - Citadel Securities, one of the world's largest market makers, on Friday filed an application for a securities licence in China, about a year after its global CEO expressed interest in entering the market. Billionaire Ken Griffin's Citadel Securities has become the latest U.S. firm to make a foray into China while Wall Street companies closely monitor...
Copyright 2023-2025 - www.financetom.com All Rights Reserved