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Implementation of internal trading policy of Apple charged with trading inside



  The Apple logo gets corporeal outside Apple's store.

The Securities and Exchange Commission attended Gene Daniel Levoff, who was senior director of Apple's corporate law until September 2018. Levoff is charged with the use of the use of an illegal trader of Apple shares.

Levoff was part of the Apple Disclosure Committee ̵

1; one of the people who could review the company's quarterly financial reports before their publication. CSS keeps using non-community information received as part of the committee to inform the trades it made on Apple shares. For example, in July 2015 he learned that Apple wanted to lose analyst estimates for iPhone unit sales. Between July 17 and July 21, when Apple published a quarterly earnings report, he almost sold the full stock of Apple stock, almost $ 10 million. When the news emerged, Apple's share price fell by over 4 per cent selling early losses of $ 345,000.

The CSS stated that Levoff made $ 245,000 in profit and, in 2015 and 2016, delivered losses of a total of € 382,000.

Apple Levoff declined last year after conducting an internal investigation in response to the contact of the authorities. During his career by Apple, he was one of the people responsible for ensuring that the employees continued the company's internal trading policy. In 2015, it even updated the policy. The SEC filing says, through a report in 2010 and 2011, that employees were offered to Levoff to warn them that the company was entering a black period and was prohibited to trade Apple shares. Two of these emails were "just in advance" for their internal trading in 2011.

Include one of these emails including the following comprehensive reminder:

CERTIFICATE, NOT INCLUDED, DO NOT BE OPEN OR OPEN TRADE FEATURES, IF INFORMATION OR INFORMATION ABOUT THE INFORMATION WILL NOT CONTINUE OR PUBLIC SALES

The SEC is obligatory that Levoff pays an amount equal to the profits made and the losses deducted over the past five years, as well as a three-time penalty that amount. The agency also claims to be banned from acting as an official or director of a public company. At the same time, the United States President in Newark, New Jersey, has filed criminal charges, which has a maximum penalty of 20 years imprisonment and has a $ 5 million fine.


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