That executive is Gene Levoff, who was until past year Apple's Senior Director of Corporate Law and Corporate Secretary.
Levoff, who until past year was Apple's senior director of corporate law, traded on advance knowledge of revenue-and-earnings figures multiple times dating back to 2011, the Securities and Exchange Commission and federal prosecutors said Wednesday.
The awful irony is that one part of his duties at Apple was to oversee the company's insider trading program, created to recognize and prevent the illegal activity that he himself allegedly undertook.
Levoff faces one count of securities fraud, carrying a maximum 20-year prison term and a $5 million fine.
Gene Levoff is accused of using confidential information to trade the firm's securities for personal gain.
Levoff was part of Apple's Disclosure Committee-one of the people who could review the company's quarterly financial reports ahead of their publication.
According to the complaint, Levoff's role including sending, or supervising the sending, of those notification emails to individuals subject to trading restrictions around Apple's quarterly earnings announcements.
Gene Levoff, who was one of the company's top lawyers until he was sacked by Apple in September, allegedly made more than $600,000 (£467,000) in profits or avoided losses between 2011 and 2016.
"Levoff's alleged exploitation of his access to Apple's financial information was particularly egregious given his responsibility for implementing the company's insider-trading compliance policy", Antonia Chion, an associate director in the SEC's enforcement division, said in a statement.
As co-chairman of Apple's disclosure committee, Levoff helped Chief Executive Officer Tim Cook and his predecessor, Steve Jobs, ensure the timeliness, accuracy and proper oversight of company disclosures, including financial results, according to authorities. In those instances, the lawsuit states Levoff made about $245,000 in profit.
Apple didn't immediately respond to a request for comment. It also seeks a monetary penalty against Levoff, and to bar him from serving as an officer or director of a public company in the future. The computer servers on which numerous trades were executed are located in New Jersey, the SEC says.
Levoff is being sued in U.S. District Court in New Jersey.