Former Apple lawyer Gene Levoff was charged in 2019 with insider trading using informationon from Apple’s income and revenues until 2011. He says his lawsuits are unconstitutional because no criminal law specific prohibits such action (via Bloomberg).
Mr. Levoff has been charged under the United States Securities Exchange Act. This law prohibits “manipulative or deceptive devices or devices”, but does not specifically mention insider trading. Prosecutors say his internal transactions brought him about US $ 227,000 in profits and helped him avoid US $ 377,000 in losses.
Kevin Marino, Mr. Levoff’s lawyer, said in one case:
The definition of insider trading is entirely determined by a judge: each element of the crime and the extent of the regulated persons subject to it have been guessed by judges, not by elected legislators. This alone makes criminal prosecution of insider trading unconstitutional.
Apple fired Gene Levoff in 2018 after two months off.
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