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Gene Levoff, former director of corporate law of Apple Inc. (NASDAQ:AAPL), pleaded guilty to illegally trading for years on confidential revenue and earnings filings, Bloomberg News reports.
Levoff, who joined the company in 2008 and was responsible for enforcing the company’s insider trading policy, admitted he regularly traded on inside information between 2011 and 2016.
According to the prosecutors, Levoff, being the co-chairman of Apple’s disclosure committee, used the information in draft filings before they were released to the US Securities and Exchange Commission and made $227,000 in profit and avoided losses of $377,000.
