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You are here: MacNN Forums > Community > MacNN Lounge > GENE DANIEL LEVOFF (Senior Director of Corporate Law of Apple) Insider Trading

GENE DANIEL LEVOFF (Senior Director of Corporate Law of Apple) Insider Trading
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mindwaves
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Feb 13, 2019, 10:43 PM
 
https://www.sec.gov/litigation/compl...-pr2019-10.pdf

I briefly read this and this guy really did a lot of insider trading when he had a high position at Apple. The sad thing is he could have just done nothing and made a lot of more money this way.

Sample quote:

"For example, in July 2015 Levoff received material nonpublic financial data that showed Apple would miss analysts’ third quarter estimates for iPhone unit sales. Between July 17 and the public release of Apple’s quarterly earnings information on July 21, Levoff sold approximately $10 million dollars of Apple stock – virtually all of his Apple holdings – from his personal brokerage accounts. Apple’s stock dropped more than four percent when it publicly disclosed its quarterly financial data. By trading on this material nonpublic information, Levoff avoided approximately $345,000 in losses."

And those loses are just paper loses, also. He didn't even try to disguise his insider trading either. Unbelievable.
( Last edited by mindwaves; Feb 14, 2019 at 02:50 AM. )
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turtle777
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Feb 14, 2019, 10:44 AM
 
Shaking my head. What a dumba$$.

-t
     
subego
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Feb 14, 2019, 12:18 PM
 
It’s too stupid.

He must have been anticipating a bigger drop. Like 25% or something.
     
reader50
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Feb 14, 2019, 12:53 PM
 
He was a compliance officer to prevent employees from doing this. And he had $10M+ in Apple stock - who knows how much in other funds. So he signed himself up for potentially 20 years in the slammer, to cheat fate by a little over $600K. (profits on some early trades + avoided losses on others)

This guy deserves to be in government. After he gets out of course.
     
mindwaves  (op)
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Feb 14, 2019, 06:50 PM
 
He is the exact person who governs other people not to do this type of thing. It is like Chris Hansen (Dateline NBC guy) who gets caught trying to solicit small kids for sex (To Catch a Predator show).

And, he is a prominent leader of one of the most prominent companies in the world. He will for sure get audited. He didn't do it once, but did it at least 3 times.

A guy with $10 million plus in Apple stock also, so the amount he had was huge.
( Last edited by mindwaves; Feb 14, 2019 at 07:40 PM. )
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