SEC Charges Apple's Ex-Watchdog With Insider Trading

The transcript discusses a significant insider trading scandal involving Gene Levoff, a senior Apple executive. The SEC notified Apple of Levoff's actions, which involved using pre-release information for personal gain. Apple conducted an investigation, resulting in Levoff's termination. The scandal is compared to past issues like the options backdating scandal involving Fred Anderson. Despite the financial gains from insider trading, Levoff's actions were deemed a poor choice given his high salary and stock options. Apple has a strong legal department, ensuring continuity despite Levoff's departure.

What actions did the SEC take against Apple regarding insider trading?

What historical context is provided regarding Apple's past legal issues?

What were the consequences for Gene Levoff following the investigation?

What was the financial impact of Gene Levoff's insider trading activities?

How did Apple's legal department respond to the insider trading incident?