Gene Daniel Levoff, the former Senior Director of Corporate Law and Corporate Secretary Apple faces up to 120 years in prison.
This former senior official of the Cupertino company has been in the sights of the SEC since 2018. As a reminder, he is suspected of having committed insider trading with AAPL (Apple) shares. This particularly serious financial offense which would have allowed him to reap several times hundreds of thousands of dollars.
4 years later… still in a mess
Apple fired its former legal chief directly after the investigation began. However, in 4 years, the latter had the opportunity to reflect on his situation and his mode of defense.
Initially, Gene Daniel Levoff pleaded not guilty to the various charges relating to insider trading. In 2019, he was released on a small bail of $500,000 after pleading not guilty.
But recently, he has just changed his tune. He agreed to plead guilty to 6 counts.
120 years in prison and 30 million euros fine
In theory, Gene Daniel Levoff risks 120 years in prison and a fine of 30 million euros, but the “guilty plea” suggests that an arrangement of lawyers behind the scenes should greatly reduce this sentence.
His file promises to be extremely procedural, relating to the definition of criminal qualification and the sovereign assessment of judges. The judgment is expected for mid-November 2022.
Moral of the story
In all these stories, there is always an element of irony. Gene Daniel Levoff was precisely responsible for tracking down possible insider trading within the Californian firm.
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