Gene Levoff, 45, former global head of corporate law at Apple, is facing both criminal charges and a civil lawsuit in connection with alleged offences between 2011 and 2016.

The US Securities Exchange Commission (SEC), which has brought a complaint in the civil courts, alleges that Mr Levoff used confidential information about Apple’s quarterly earnings announcements to trade Apple securities ahead of three quarterly earnings announcements in 2015 and 2016, making approximately $382,000 in combined profits and losses avoided.

The SEC is seeking a permanent injunction, disgorgement, prejudgment interest, a civil penalty, and an officer and director bar against him.

In a parallel action, the US Attorney’s Office for the District of New Jersey announced a charge of securities fraud against Mr Levoff.

In court documents, the Attorney’s Office alleged that Mr Levoff, who was also assistant secretary and corporate secretary, misappropriated material about the company’s financial results and then executed trades.

It alleges that this allowed him to realise profits of approximately $227,000 and to avoid losses of approximately $377,000.

The securities fraud count carries a potential penalty of 20 years in prison and a $5 million fine.