Trader Pleads Guilty To Illegal Purchase of Nearly $1B In Apple Stock

[wraggster]

A trader who last year made an unauthorized purchase of nearly US$1 billion worth of Apple stock (http://www.tuaw.com/2013/04/16/trader-pleads-guilty-to-making-unauthorized-purchase-of-nearly/) has pled guilty to wire fraud, securities fraud and conspiracy (http://www.fbi.gov/newhaven/press-releases/2013/rochdale-securities-trader-admits-role-in-fraudulent-scheme-involving-nearly-1-billion-purchase-of-apple-stock). On October 25, 2012 — the same day Apple posted its Q3 2012 earnings — David Miller of Rochdale Securities made a number of unauthorized purchases of Apple shares which ultimately led to the demise of the financial services firm he worked for. The aim of Miller's action was to make a lot of money very quickly by purchasing large quantities of Apple shares and selling them in a post-earnings surge.

http://apple.slashdot.org/story/13/04/16/1625201/trader-pleads-guilty-to-illegal-purchase-of-nearly-1b-in-apple-stock