Amber Neely
Gene Levoff, former senior director of corporate law for Apple, has pleaded guilty to six counts of security fraud — the same type of fraud he was hired to prevent.
In 2019, Levoff was accused of arranging and executing a five-year insider trading scheme, where he allegedly used internal financial information to perform trades before they were publicly reported.
In 2020, he fought against the inditement, citing that the prosecution was unconstitutional. The court struck down the motion.
Now, Levoff has pleaded guilty to six counts of securities fraud, according to the Department of Justice, as spotted by The Verge.
Levoff was meant to be in charge of enforcing a blackout period that would prevent people with such knowledge from buying or selling stock ahead of disclosure, but instead, he allegedly benefited by securing profits worth approximately $227,000 and avoided losses of $377,000.
Levoff's sentencing is scheduled for November 10. He could face a maximum penalty of up to 120 years in prison and up to $30 million in fines.
AppleInsider Staff
Andrew Orr
William Gallagher
Christine McKee
13 Comments
Jesus, 120 years for securities fraud? A repeat offender who just killed 4 people, a felony weapons possession charge, narcotics with intent to sell and a stolen vehicle would only get 12. AND still be able to vote when he got out! Marty, set the clock to 1975 Detroit!
I see nothing wrong with the possible sentence. White collar criminals and white collar tax evaders need to be punished just like everybody else.
Seems a bit harsh, then again those thinking of a similar enterprise might think twice...
«guilty to six counts of security fraud -- the same type of fraud he was hired to prevent»
and that's why the punishment must be paradigmatical