The initial indictment for insider trading came in February of last year. Levoff worked as a corporate secretary and senior director of corporate law for Apple from 2008 till 2018, but was fired when Apple learned of the pending charges.
Levoff functioned as the top corporate attorney at Apple and was in charge of compliance with all SEC regulations. He also had oversight of enforcing a “blackout period” to prevent anyone with insider knowledge from selling or buying a stock before the disclosure. Instead, he allegedly used the information for his own benefit.
He profited approximately $227,000 and avoided losses of around $377,000.
Levoff faces six counts of securities fraud and six counts of wire fraud. Each charge carries a maximum penalty of 20 years in prison. Each security fraud count also carries a maximum $5 million fine.
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