Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly
  Securities - Legal News


One of Apple's former top lawyers is facing accusations of brazenly breaking the company's insider trading rules that he helped draft, while profiting from stock sales and investments made after he received confidential information about Apple's finances.

The allegations against Gene Levoff emerged in criminal and civil complaints filed Wednesday in a New Jersey federal court by the U.S. Justice Department and Securities and Exchange Commission.

Levoff, 45, realized gains and avoided losses totaling more than $600,000 in illegal trades made periodically from 2011 to 2016, based on estimates provided in the documents.

Before Apple fired him last September, Levoff held various roles in Apple's corporate law department starting in 2008. Apple promoted him to senior director of corporate law in 2013 overseeing as many as 30 attorneys. He also had responsibility for drawing up company policies designed to prevent employees from violating federal laws that prohibit stock market trading based on privileged information.

Levoff's alleged misconduct "was particularly egregious given his responsibility for implementing the company's insider trading compliance policy," said Antonia Chion, associate director for the SEC's enforcement division.

Kevin Marino, the attorney representing Levoff in the proceedings, said he is looking forward to fighting the allegations.

If he is convicted in the criminal case, Levoff faces a prison sentence of up to 20 years and a $5 million fine.

Levoff broke the law repeatedly, the complaints allege, by leveraging his position on a special committee that reviewed key numbers contained in Apple's quarterly earnings reports before the results were publicly announced.

His most brash move came in July 2015 when Apple was preparing to release its results for the April-June period of that year. As part of Apple's disclosure committee, Levoff received a July 10 preview showing that the company's sales of iPhones for the quarter had missed the targets set by Wall Street analysts — a shortfall that typically causes Apple's stock to fall.

Levoff then sold nearly all of his Apple holdings — more than 70,000 shares worth about $10 million at the time — four days before the company released the results, according to the complaints. The day after those numbers came out, Apple's stock fell by 4 percent. That downturn lumped Apple's shareholders with collective losses of $32 billion on paper, but Levoff avoided about $345,000 in losses by selling shortly before the announcement, the government alleged.


The smirk wiped from his face, a crying Martin Shkreli was sentenced to seven years in prison for securities fraud Friday in a hard fall for the pharmaceutical-industry bad boy vilified for jacking up the price of a lifesaving drug.

Shkreli, the boyish-looking, 34-year-old entrepreneur dubbed the "Pharma Bro" for his loutish behavior, was handed his punishment after a hearing in which he and his attorney struggled with limited success to make him a sympathetic figure

The defendant hung his head and choked up as he admitted to many mistakes and apologized to the investors he was convicted of defrauding. At one point, a clerk handed him a box of tissues.

"I want the people who came here today to support me to understand one thing: The only person to blame for me being here today is me," he said. "There is no conspiracy to take down Martin Shkreli. I took down Martin Shkreli."

In the end, U.S. District Judge Kiyo Matsumoto gave him a sentence that fell well short of the 15 years prosecutors wanted but was a lot longer than the 18 months his lawyer asked for. He was also fined $75,000.

He was found guilty in August of lying to investors in two failed hedged funds and cheating them out of millions. The case was unrelated to the 2015 furor in which he was accused of price-gouging, but his arrest was seen as rough justice by the many enemies he made with his smug and abrasive behavior online and off.

The judge insisted that the punishment was not about Shkreli's online antics or his raising the cost of the drug. "This case is not about Mr. Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture," Matsumoto said.

But she did say his conduct after the verdict made her doubt the sincerity of his remorse. She cited his bragging after the verdict that he would be sentenced to time served. And she quoted one piece of correspondence in which he wrote: "F--- the feds."

The judge ruled earlier that Shkreli would have to forfeit more than $7.3 million in a brokerage account and personal assets, including a one-of-a-kind Wu-Tang Clan album that he boasted of buying for $2 million.

Defense attorney Benjamin Brafman described Shkreli as a misunderstood eccentric who used unconventional means to make his defrauded investors even wealthier. He told the court that he sometimes wants to hug Shkreli and sometimes wants to punch him , but that his outspokenness shouldn't be held against him.



Federal prosecutors in New York say a Belize resident has pleaded guilty to money laundering conspiracy for helping clients profit off illegal stock trades and then laundering more than $250 million.

U.S. Attorney Robert L. Capers announced the plea Monday by Robert Bandfield of IPC Corp.

Capers says Bandfield, a U.S. citizen, incorporated more than 5,000 shell companies in Belize and the West Indies for securities and tax fraud schemes.

Money was laundered through pre-paid debit cards.

He faces up to 20 years in prison. He's agreed to forfeit $1 million.



A federal appeals court in New York has agreed to rehear the appeal of the insider-trading conviction of a former board member for Goldman Sachs and Proctor & Gamble.

The 2nd U.S. Circuit Court of Appeals on Thursday issued an order saying it will rehear the claims of Rajat Gupta (rah-JAHT' GOOP'-tah). His lawyers say his 2012 conviction on conspiracy and securities fraud charges should be tossed because he was innocent and the jury was improperly instructed.

His attorney Gary Naftalis says he is pleased with the court's ruling and believes there are meritorious issues to present on appeal.

The 57-year-old Gupta is confined to his Westport, Connecticut, home. He won't be formally finished serving a two-year prison sentence until next month.



The Supreme Court turned away an appeal from a former Toronto stockbroker convicted in a multimillion-dollar securities fraud who says federal prosecutors should have turned over documents that might have helped his defense.

The justices Monday let stand an appeals court ruling that said prosecutors didn't have to share information about the drug use of a key witness against George Georgiou. The lower court sided with prosecutors who said defense lawyers could have discovered the publicly available records on their own.

Georgiou's lawyers said prosecutors had a duty to disclose the information if they were aware of it. Several former Justice Department officials backed his claim and urged the court to take the case.

Georgiou was convicted on charges of manipulating markets of four stocks, causing $55 million in losses.



The Supreme Court said Monday it won't hear the Obama administration's appeal of a lower court ruling that made it tougher to prosecute people for trading on leaked inside information.
 
The justices let stand a decision by the federal appeals court in New York last year that threw out insider trading convictions of two high-profile hedge fund managers.

The 2nd U.S. Circuit Court of Appeals overturned the convictions of Anthony Chiasson, of Manhattan, and Todd Newman, of Needham, Massachusetts, after finding they were too far removed from inside information to be prosecuted.

Prosecutors warned the ruling could hinder the government's campaign to curb insider trading on Wall Street, a crackdown that has resulted in more than 80 arrests and 70 convictions over several years.

Chiasson, who co-founded Level Global Investors based in Greenwich, Conn., and Newman, who had worked for Diamondback Capital Management based in Stamford, Conn., traded on tips from insiders on stock in technology companies Dell Inc. and Nvidia Corp. that generated $72 million in profits. The former portfolio managers were both convicted in December 2012.

The appeals court said prosecutors failed to present enough evidence the men willfully engaged in insider trading or conspired to break the law. It ruled that the government must show a person receiving a tip knew that an insider disclosed confidential information and that the tipster passed the information expecting a personal benefit.

In legal briefs filed with the court, Solicitor General Donald Verrilli said leaving the appeals court ruling in place would "hurt market participants, disadvantage scrupulous market analysts and impair the government's ability to protect the fairness and integrity of the securities markets."

Both men have denied insider trading. Their lawyers argued that they believed they were making trades based on legitimate research.

U.S. Attorney Preet Bharara in Manhattan told reporters on a conference call Monday that the Supreme Court's decision means "that there's a category of conduct that arguably will go unpunished going forward."

"If you have a CEO who has access to material, non-published information about earnings or anything else of a very sensitive nature and decides he wants to tip a relative or a buddy or a crony, knowing that person is going to trade on it to the tune and profit of millions of dollars, we would have to think long and hard, given Newman, whether to prosecute a person like that," Bharara said.



An appeals court panel on Wednesday expressed doubts about the fairness of a prosecution that led to a prison sentence for a man convicted of defrauding a government bailout program.

A three-judge panel of the 2nd U.S. Circuit Court of Appeals had plenty of questions for a prosecutor as it conducted oral arguments in an appeal by Jesse Litvak, a bond trader on the Stamford, Connecticut, trading floor at Jefferies & Co. Inc.

Litvak, who's from New York, was sentenced last year to two years in prison after a jury convicted him of securities fraud, defrauding the Troubled Asset Relief Program and making false statements to the federal government. He has not had to serve his sentence pending appeal.

The conviction made Litvak, 40, the first person convicted of a crime related to the program, which used bailout funds in the financial meltdown to boost the economy.


Legal News | Breaking News | Terms & Conditions | Privacy

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. Small Law Firm Web Design by Law Promo Website Design
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Indiana Medical Malpractice Attorneys
Indianapolis Medical Malpractice
www.rwp-law.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Chicago, DuPage IL Workers' Compensation Lawyers
Chicago Workplace Injury Attorneys
www.krol-law.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Santa Ana Workers' Compensation Lawyers
www.davidgentrylaw.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Attorney Web Design
  Bar Association Website Design
  Law Firm Directory