1.15 Million Fine Imposed On Apple's Former Lawyer After Insider Trading Conviction
Gene Levoff, the tech company Apple’s former lawyer was imposed a fine of $1.15 million in a civil case related to the US Securities and Exchange Commission for not attending prison period after beseeching guilty. According to Reuters, it was said that Levoff ignored court bail and was living overly avoiding the orders of the court.
The lawyer also asked for observance of laws and rules enforcing Apple’s insider trading policies. Levoff worked as a senior director of corporate law at Apple until he was fired by the company on account of his stock trades based on the unethical use of non-public information about Cupertino (California-based Apple’s earnings announcements).
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Later, in June 2022, he pleaded guilty to his security fraud practices and was imprisoned in December to four years of probation, 2,000 hours of community service and a $604,000 penalty. This fine was almost triple in number than the estimated $384,400 profit or ignored losses on six trades.
On the other hand, Levoff responded by saying that the fine was inessential and that he had gone through enough punishments and didn’t commit to hiding his self-sabotage. But Martini stated that a Stanford University law school graduate extended his scrutiny on his wrongdoings on the trading and Levoff will be able to remit the fine using his estimated $13 million net worth. Levoff’s lawyer, Kevin Marino said in an email that the verdict is indeed disappointing, but Jud Martini has tried to be fair and gone through his entire case before he announced the recent judgement.
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Levoff worked at Apple from 2011 and he was fired in 2018 as he secretly acclaimed his insider information between 2011 and 2016. Apple furloughed him in September 2018 as per the authority’s findings about Levoff’s dealings in the company.
(With inputs from Reuters)
