Florida residents may be interested to learn that the SEC filed a lawsuit on Feb. 13 against a corporate attorney who formerly worked for Apple. According to the SEC's public filing, the lawyer used his corporate position to engage in blatant insider trading. He allegedly gained or saved over $380,000 through illicit means. Because federal white-collar crimes cause people to lose faith in investment and financial systems in general, society recognizes that these offenses are quite serious. The lawyer could face up to 20 years in prison as well as a $5 million fine.
In one instance of alleged insider trading, the lawyer sold $10 million worth of Apple stock before a July 2015 earnings report was released. This led to a savings of roughly $345,000 just as news of Apple's 4 percent stock loss was announced.
Among other responsibilities, the lawyer was tasked with securities law compliance. For its part, Apple has not been charged as being complicit in the insider trading plot. In fact, the SEC lawsuit notes the tech company's anti-insider trading policies. The lawyer, who was terminated from his position in September 2018, actually wrote some of those policies.
If a defendant is falsely charged with white-collar crime, they could easily enter a time of unbounded personal stress. Work and home life can be deeply affected in the worst possible way. With help from an attorney, however, a defendant could improve their chances of achieving a successful legal outcome. Legal counsel could investigate the particulars of a case and develop a strategy. Depending on the circumstances, an attorney may fight for acquittal or press the prosecution for a favorable plea agreement.