Insider charge for former Apple lawyer

A FORMER top lawyer at Apple has been accused of breaking insider trading rules he helped write to make a profit from shares.

Gene Levoff used confidential knowledge to buy or sell stock between 2011 and 2016, the US Securities and Exchange Commission (SEC) has alleged. It was despite the 45-year-old having responsibility for making sure other staff did not break insider trading rules.

According to a lawsuit in New Jersey, Levoff sold Apple shares worth about £7.8m in 2015 after learning it was set to miss quarterly forecasts made by analysts, to avoid losses.

Levoff’s alleged misconduct ‘was particularly egregious given his responsibility for implementing the company’s insider trading compliance policy,’ the SEC said.

He faces both civil and criminal charges. If convicted in the criminal case, he faces a prison sentence of up to 20 years and a £3.9m fine.