What you need to know
- Former Apple lawyer Gene Levoff is fighting his insider trading charges.
- The defense claims prosecution over insider trading is unconstitutional.
- Apple had fired Levoff back in 2018 because of his actions.
A former in-house lawyer for Apple, who was indicted in 2019 for insider trading, is asking the court to dismiss his case because it is unconstitutional.
Reported by Bloomberg, Gene Levoff has asked a New Jersey judge to dismiss the case against him on the grounds that no criminal law bars the conduct he is accused of.
Kevin Marino, Levoff's lawyer, filed the complaint, saying that insider trading as a crime was invented by judges and not legislators. That, according to the defense, "renders the criminal prosecution of insider trading unconstitutional."
Levoff is being charged with insider trading due to his action taken with Apple stock. He had been privy to financial information about the company before it reached investors, and his actions resulted in "$227,000 in profits, while allowing him to avoid $377,000 of losses". Before being indicted for insider trading in 2019, Apple had placed Levoff on leave and then fired him in 2018.
According to Miriam Baer, a professor at Brooklyn Law School, Levoff's is unlikely to win. Baer says that the Supreme Court has dealt with an insider trading case as soon as 2016 and that "if they thought the way insider trading law has been developed was unconstitutional, you'd think this would have come out by now."
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.