By Kathryn Hardison
Apple Inc.'s former corporate secretary and director of corporate law Gene Levoff admitted Thursday to an insider trading scheme that lasted five years.
Mr. Levoff, of San Carlos, Calif., pleaded guilty by videoconference before U.S. District Judge William Martini to six counts of an indictment charging him with securities fraud, according to the U.S. Attorney's Office in New Jersey.
Mr. Levoff misappropriated materials and nonpublic information about Apple's financial results, and then traded company stock, from February 2011 to April 2016. Mr. Levoff realized profits of $227,000 on certain trades and avoided losses of about $377,000 on others, according to documents filed in the case and statements made in court.
Mr. Levoff was co-chairman of Apple's disclosure committee, which reviews the company's draft quarterly and yearly earnings materials and Securities and Exchange Commission filings. He used that information to buy and sell Apple stock ahead of earnings reports, according to court documents and statements.
Each count of securities fraud carries a maximum penalty of 20 years in prison and a $5 million fine. Sentencing is scheduled for Nov. 10.
Apple representatives didn't immediately respond to requests for comment.
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