Gene Levoff, Apple’s former director of corporate law and security continues to fight back against allegations of insider trading. Levoff was indicated back in October and Bloomberg reports that Levoff is asking for the Indicted to be dismissed.
Levoff was terminated from Apple in September 2018 and was charged by the SEC a few months later before being released on a $500,000 bail bond. Levoff faces six counts of security fraud and six counts of wire fraud.
The former Apple lawyer is said to have profited $227,000 on certain trades avoided losses of approximately $377,000 on others by using inside confidential information from Apple, including unreleased financial results.
Levoff is arguing that his prosecution for insider trading is ‘unconstitutional’
“The definition of insider trading is wholly judge-made: Every element of the crime and the scope of regulated individuals subject to it was divined by judges, not elected legislators,” Levoff’s lawyer Kevin Marino said in a filing. “This alone renders the criminal prosecution of insider trading unconstitutional.”
Sourced from 9to5Mac
Levoff’s lawyer Kevin Marino went on to say that courts have refused to examine the constitutionality of insider trading.
Each count in the indictment carries a maximum penalty of 20 years in prison.