Rogue Trader Pleads Guilty To $1B Apple Stock Fraud Scheme

Law360, New York (April 15, 2013, 7:59 PM EDT) -- Former Rochdale Securities LLC trader David Miller pled guilty Monday to conspiracy and fraud charges related to his role in a trading scam involving about $1 billion of Apple Inc. stock, the same day the U.S. Securities and Exchange Commission brought a civil complaint against him.

Miller, whose scam caused Rochdale to cease operations, entered his plea before a federal judge in Connecticut and now faces up to 25 years in prison when he is sentenced July 8.

“This defendant participated in a fraudulent scheme in which...
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