Apple’s ex-corporate law chief avoids prison, sentenced to 4 years probation for insider trading

Gene Levoff, who was a senior director of corporate law in charge of enforcing Apple’s Insider Trading Policy, was aware of Apple financial results before they were public, and the government alleged he engaged in that conduct himself. Levoff pleaded guilty to trading based on drafts’ of Apple’s SEC earnings filings. He was sentenced Thursday to four years of probation, avoiding jail time.
Chris Dolmetsch for Bloomberg News:
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Gene Levoff was sentenced Thursday to four years of probation by US District Judge William J. Martini in Newark, New Jersey. Levoff pleaded guilty in June 2022 to using his access to Apple’s draft Securities and Exchange Commission filings to make illegal trades.
He had faced a maximum of 20 years in prison and a $5 million fine for each of the six counts of securities fraud to which he pleaded.
A 2001 Stanford Law School graduate, Levoff joined Apple in 2008 and eventually became director of corporate law. In that role, he was responsible for enforcing the company’s rules against insider trading and routinely reminded other employees that they were barred from trading on confidential information.
Levoff also co-chaired Apple’s disclosure committee, which reviewed its quarterly and annual earnings before they were publicly released. He used his advance knowledge to buy shares ahead of positive results or sell them before disappointing ones. Prosecutors said Levoff made around $227,000 in profits and avoided $377,000 in losses between 2011 and 2016.
“I just want to say how very sorry I am, and how deeply ashamed I am,” Levoff said in court.

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