The former top corporate lawyer of Apple has avoided jail time after pleading guilty to insider trading charges.
Gene Levoff, the former Apple corporate secretary and head of corporate law, pleaded guilty in a New York court to six securities fraud charges. Each charge carried a maximum 20-year prison sentence with a $5 million fine.
On Thursday, US District Judge William Martini handed Levoff a sentence made up of four years of probation, 2,000 hours of community service, a fine of $30,000 and a $604,000 forfeit.
In an emailed statement to Reuters, a lawyer for Levoff described the ruling as a "fair and appropriate sentence of probation,” and said that they were “extremely pleased” with the outcome.
Levoff was charged in early 2019 with generating $604,000 of illegal gains on more than $14 million of trades from 2011 to 2016, abusing his role at the company to do so. Prosecutors said that Levoff ignored so-called “blackout periods” that barred trading before Apple’s results were released in violation of the company’s insider trading policy – a policy he was responsible for enforcing.
Levoff was fired by Apple in September 2018.
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