From the article:
The Department of Justice also announced it has charged Levoff with one count of securities fraud. The criminal charge carries a potential penalty of 20 years in prison and a $5 million fine.
Levoff, 44, became Apple’s senior director of corporate law in 2013, after five years as its director of corporate law. He was also chair of the company’s Disclosure Committee — where he was was privy to “material nonpublic information about Apple’s financial results” — from September 2008 until July 2018, when he was placed on leave. He was fired from Apple in September 2018.
Okay, this shit burns me up. Insider trading is bullshit. We have laws about it. It’s the epitome of white collar crime. Here’s a primer on why it’s wrong.
Insider trading allows a few select people to make money, fleecing everyone else that is in the game. It literally screws those other investors as patsies that don’t have that information. It only works if you have a bulk of investors that do not have that inside track.
See: Martha Stewart, and her bullshit insider trading when she was the head of the fucking Board fo the New York Stock Exchange. She was not an innocent party. We can talk about the nuances of gender in the execution of all that, but she was not a part-time investor. This was her area of expertise. Not only that, you have to actually have proof for these charges to stick, and they had proof.
To put it bluntly, it’s like playing poker, but the inside trader gets to know what’s in other people’s hands when nobody else does.