SEC accuses former Apple lawyer of insider trading


(Reuters) – The U.S. Securities and Exchange Commission on Wednesday filed a lawsuit accusing a former lawyer at Apple Inc of insider trading ahead of the iPhone maker’s quarterly earnings announcements.

In a complaint filed in New Jersey federal court, the SEC said Gene Levoff exploited his position as a senior lawyer and member of Apple’s disclosure committee to conduct illegal trading that resulted in about $382,000 of illegal profits and avoided losses.

Reporting by Jonathan Stempel in New York

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