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SEC files lawsuit against Apple lawyer for inside trading

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SEC accused on Tuesday a former Apple's executive of insider trading.

Gene Levoff, senior director of corporate law and corporate secretary until September, "trades tangible nonpublic information on Apple's revenue in three cases in 2015 and 2016," according to Tuesday's trial in New Jersey.

"Levoff has also had a previous history of similar practice after trading in Apple's nonpublic information in 2011 and 2012 at least three more times."

His position at Apple gives him access to information about still non-public results and briefings on iPhone sales, the complaint says. In more than one case, he does not comply with the company's "blackout" for equity deals by buying or selling tens of millions of dollars, "according to the SEC.

According to the complaint, he bought shares and made money when the shares jumped on the back of good reports and sold to avoid losses when he knew that negative reports were coming.

Source: CNBC


 Trader Aleksandar Kumanov

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