“The FBI arrested a former trader at the Connecticut firm Rochdale Securities on Tuesday in a fraud scheme involving Apple stock, U.S. prosecutors said,” Reuters reports.
“According to a criminal complaint filed in federal court on Monday, David Miller bought Apple shares for himself ahead of the tech giant’s Oct. 25 earnings announcement, then told his employer Rochdale the trade was for a customer who would bear the risk if it lost money,” Reuters reports. “As a result, Rochdale was left unexpectedly owning over a million shares of Apple and had to sell them for a $5 million loss.”
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“Authorities say Miller worked as an institutional sales trader for Stamford-based Rochdale Securities LLC,” The Associated Press reports. “They say he executed a trade to buy 1.6 million shares of Apple Inc. stock on a day the company was scheduled to announce earnings.”
“Prosecutors say the scheme was designed so Miller would profit if the stock price rose, but it declined,” AP reports. “They say Miller falsely claimed he made a mistake in a client’s order.”
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MacDailyNews Take: Genius.
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