Former Apple corporate law director Gene Levoff was facing a fine and two years’ imprisonment for insider trading, but today the court issued a different verdict.
Because of his position, Levoff gained access to Apple’s earnings results before they were made available to the public. He used this information to purchase shares of the company. Levoff earned about $277,000 and avoided community losses of about $377,000 before he was fired by Apple in 2018.
The lawyer pleaded guilty to six charges last year.
Today the court delivered its final verdict. Levoff will receive four years of probation and a fine of $604,000, he said.
Federal prosecutors argued that Levoff should be sent to prison for insider trading to deter other corporate executives from committing the bizarre crime. However, the judge overseeing the case said he was not considering the case because Levoff had lost his job and could no longer handle the defense. [Bloomberg]
Source: Iphones RU
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