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Former Apple Lawyer Who Was Supposed To Keep Employees From Insider Trading Has Been Charged With Insider Trading (cnbc.com)
The SEC Wednesday charged a former Apple executive with insider trading. From a report: Gene Levoff, senior director of corporate law and corporate secretary until September, "traded on material nonpublic information about Apple's earnings three times during 2015 and 2016," according to the lawsuit filed Wednesday in the U.S. District Court of New Jersey. "Levoff also had a previous history of insider trading, having traded on Apple's material nonpublic information at least three additional times in 2011 and 2012. For the trading in 2015 and 2016, Levoff profited and avoided losses of approximately $382,000," the complaint says. Levoff's position at Apple granted him insider access to not-yet-public earnings results and briefings on iPhone sales, the complaint says. On more than one occasion, he disobeyed the company's "blackout" period for stock transactions, selling or buying stock worth tens of millions of dollars, according to the SEC.
Just as we tech people say. Lets hire a convinced black hat hacker, as your IT security expert, because they would know how it is done. Lets hire a lawyer convicted in insider trading to stop other employees from doing it, because he knows how it is done.
There are two problems witch such logic.
1. the Convicted part: They got caught... So how good can they be.
2. They have shown a history of poor ethical thinking skills. Such jobs with high level of responsibility and general access to information, a strong ethics background is needed.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
It shouldn't be as tempting when you're a highly paid corporate lawyer, wealthy enough to play with 8 digits' worth of stocks...but that's the difference between regular greed and insane greed I guess.
"When information is power, privacy is freedom" - Jah-Wren Ryel
I worked for a seedy outfit that repeatedly manipulates it's share prices. One day, the boss called everyone into a mandatory, absolutely must attend staff meeting. So, we go in and listen to a bunch of the usual b.s. Then he plops a market share comparison of our outfit and our major competitor based in Toulouse. It looked pretty bad (for us). He then informed us that the chart he had shown us was considered 'material non-public information' and we were now prohibited from selling any of our company stock for a defined period. No surprise, our company stock tanked.
We didn't need to see this chart to do our daily jobs. It was just a maneuver to keep employees from heading to the exits with the rest of the market watching.
Have gnu, will travel.