Gene Levoff, Apple’s former senior director of corporate law and corporate secretary for Apple, has been released on $500,000 bail bond after pleading not guilty to charges of insider trading.
Levoff is accused of using non-public information to trade in AAPL shares, seeing a net benefit of $382,000 from his inside knowledge …
Bloomberg reports that the bond was set at a level which reflected Levoff’s flight risk.
Gene Daniel Levoff appeared in federal court in Newark, New Jersey, on Wednesday, a week after prosecutors said he had traded on confidential revenue and earnings filings since 2011.
“We very much look forward to defending Mr. Levoff in this case,” his attorney, Kevin Marino, said after the brief hearing.
In setting the bond, U.S. Magistrate Judge Steven C. Mannion noted that Levoff had traveled extensively and held “extensive assets.”
Apple uncovered the alleged insider trading, initially placed him on leave in July, while the matter was investigated, and then fired him in September. It’s likely that Apple reported the matter to the Securities and Exchange Commission at that time, which would then need to carry out its own investigation before filing charges.
If the allegations are true, it seems a crazy risk to have taken for the sum of money involved, given the likely income of a senior lawyer at Apple who was only one rung below general counsel.
The photo shows Levoff leaving court after the hearing.
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Photo: Victor J. Blue/Bloomberg