What’s a criminal complaint? What’s a civil claim? Federal court reporter Andrew Ford explains the difference.
Andrew Ford and Ryan Ross, Asbury Park Press
A former Apple senior corporate attorney faces a criminal charge accusing him of insider trading that netted him $227,000 in profits.
Gene Levoff, 45, of San Carlos, California, was charged with one count of securities fraud, according to the office of U.S. Attorney Craig Carpenito.
Levoff also once dodged $345,000 in losses by selling about $10 million in Apple stock after he learned the company would miss quarterly estimates for iPhone sales, according to a separate civil complaint by the Securities and Exchange Commission.
As part of his high-ranking position in the company, Levoff had access to information on Apple’s earnings before that was released to the public. He’s accused of improperly using that information to trade the company’s stock before the public reacted to the news, according to a federal court document.
Levoff’s stock trades ran through computer servers in New Jersey, according to the court document, and he was charged with the federal crime in the District of New Jersey.
The SEC complaint asks a judge to force Levoff to pay a penalty equal to the six-figure profits he earned and losses he avoided.
Levoff’s attorney said they are reviewing the criminal and civil allegations.
“Mr. Levoff was a longtime and highly regarded senior executive at Apple,” said Kevin H. Marino. “He was never accused of wrongdoing at any time before now. So we look forward to reviewing these allegations and defending him.”
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