March 29, 2024

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Former Apple insider hunter admits insider trading

Former Apple insider hunter admits insider trading

Jane Levov pleaded guilty Thursday to six counts of securities fraud dating from 2011 to 2016. As co-chair of the iPhone and Mac maker’s internal committee, he was able to view Apple’s quarterly reports before filing them with the Securities and Exchange Commission. .

According to the New Jersey attorney’s office, Levov acted multiple times during the earnings-related blackout after telling other employees they were barred from trading in Apple stock. With his inside information, he reportedly made $227,000 in profits and avoided losses of over $377,000.

“Gene Levov betrayed the trust of one of the world’s largest technology companies for his own financial gain,” said New Jersey attorney Vikas Khanna. “Levov used his trust-based position to engage in insider trading and to fill his own pockets.”

The verdict will be announced on November 10. Levov faces up to 20 years in prison, although the maximum sentence is unlikely to be used.

Levov’s attorney, Kevin Marino, did not immediately respond to requests for comment.

(Bloomberg)

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