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The Securities and Exchange Commission charged Gene Daniel Levoff -- the consumer tech giant’s former head of corporate law, who was in charge of enforcing its insider trading policies -- with illegally trading Apple stock ahead of three quarterly earnings announcements in 2015 and 2016, given he had confidential information on those results.
Levoff, who could not immediately be reached for comment, profited and avoided losses by roughly $382,000, the agency said.
“Levoff’s alleged exploitation of his access to Apple’s financial information was particularly egregious given his responsibility for implementing the company’s insider trading compliance policy,” Antonia Chion, associate director of the SEC’s Division of Enforcement, said in a statement.
The agency is seeking a return of those profits, as well as penalties and a permanent injunction against serving in such a role in the future.
At Apple, Levoff provided legal advice on its federal finanical reporting and managed the consumer tech giant's subsidiaries. He also "initiated and implemented" an update to Apple's insider trading policies in 2015, the SEC said.
Apple did not immediately respond to request for comment.