NY trader charged in Conn. with fraud scheme related to purchase of $1 billion in Apple stock
{{#rendered}} {{/rendered}}Federal prosecutors say a trader from New York has been charged in a scheme that involved the unauthorized purchase of about $1 billion of Apple stock and wound up costing his Connecticut-based employer $5 million.
The U.S. attorney's office in Connecticut said Tuesday that David Miller was charged with wire fraud.
Authorities say Miller worked as an institutional sales trader for Stamford-based Rochdale Securities LLC. 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.
{{#rendered}} {{/rendered}}Prosecutors say the scheme was designed so Miller would profit if the stock price rose, but it declined. They say Miller falsely claimed he made a mistake in a client's order.
Miller lives in Rockville Centre, N.Y., just east of New York City. His attorney has declined to comment.