Former Rochdale Securities stock broker David Miller has been arrested on Federal wire fraud charges for allegedly using company money to buy US$1 billion in Apple stock for his own gain, which ultimately left his employer with a $5 million loss, reports “The MacObserver” (http://macte.ch/D0JJY.
Miller claimed that he accidentally bought 1.625 million shares of Apple’s stock when a customer actually requested 1,625 shares, then told coworkers the client was covering a short position. The transaction happened on Oct. 25, which was also the day when Apple announced its fourth fiscal quarter earnings, notes “The MacObserver.”