FBI Arrests Rogue Trader For $1B Apple Stock Fraud Scheme

Law360, New York (December 5, 2012, 1:48 PM EST) -- The FBI on Tuesday arrested former Rochdale Securities LLC trader David Miller for wire fraud, after Miller allegedly drained the investment firm’s capital resources by engaging in an unauthorized trading scam involving around $1 billion of Apple Inc. stock.

U.S. Attorney for the District of Connecticut David B. Fein said that on Oct. 25, the day Apple was set to release its earnings figures for the quarter, Miller schemed to defraud Rochdale by executing a trade to buy up 1,625,000 shares of stock in Apple with...
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