December 3, 2023

June 30 (Reuters) – A former Apple Inc attorney (AAPL.O) pleaded guilty Thursday to charges related to insider trading, in what prosecutors described as a five-year plan to trade before the company’s quarterly earnings announcement.

Jane LeFov, 48, of San Carlos, California, pleaded guilty to six counts of securities fraud at a hearing before U.S. District Judge William Martini in Newark, New Jersey.

Levov allegedly used his roles as company secretary, chair of corporate law and co-chair of the committee that reviewed Apple’s draft findings to generate $604,000 in illicit winnings on more than $14 million in deals from 2011 to 2016.

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Prosecutors said Levov ignored the quarterly “blackout periods” that prevented trading before Apple’s results were announced, as well as the company’s broader insider trading policy – which he was responsible for enforcing.

“Jane Levov Khan trusted one of the world’s largest technology companies for his own financial gain,” First Assistant US Attorney Vikas Khanna in New Jersey said in a statement.

Levov’s lawyer did not immediately respond to requests for comment.

Each charge carries a maximum sentence of 20 years in prison and a $5 million fine, although Levov’s sentence is likely to be much lower. Sentencing for Levov is scheduled for November 10.

Apple, based in Cupertino, California, fired Levov in September 2018, five months before criminal charges were brought against him. The US Securities and Exchange Commission has filed related civil charges.

Authorities said the servers were located in New Jersey for companies that handled Levoff’s deals, explaining why the criminal case was being filed in that state.

The case is United States v. Levov, US District Court, District of New Jersey, No. 19-cr-00780.

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(Jonathan Stemple reports) in New York. Editing by Jonathan Otis

Our criteria: Thomson Reuters Trust Principles.

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