A grand jury in the U.S. District Court for the District of New Jersey indicted a former in-house Apple Inc. attorney for insider trading.

Gene Levoff, 45, faces charges of securities fraud and wire fraud and a maximum of 20 years in prison and a $5 million fine for the securities fraud counts. The wire fraud charges carry a maximum penalty of 20 years in prison and a fine of $250,000 or "twice the gain derived from or loss caused by the offense."

The Justice Department claims that between February 2011 and April 2016, Levoff allegedly "misappropriated material, nonpublic information about Company-1's [Apple] financial results and then executed trades involving the company's stock." His alleged scheme allowed to him to make $27,000 on certain trades and avoid losses of approximately $377,000 on others.