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Trader charged with fraud scheme
Updated: Tuesday, 04 Dec 2012, 4:43 PM EST
Published : Tuesday, 04 Dec 2012, 4:43 PM EST
NEW HAVEN, Conn. (AP) — Federal prosecutors say a New York trader has been charged with engaging in a scheme that involved the unauthorized purchase of about $1 billion of Apple stock that wound up costing his employer $5 million.
The U.S. Attorney's office in Connecticut said Tuesday that 40-year-old David Miller of Rockville Centre, N.Y., was charged with wire fraud.
Authorities say Miller, while employed as an institutional sales trader for Rochdale Securities LLC of Stamford, executed a trade to buy 1.6 million shares of Apple stock on the day the company was scheduled to announce earnings.
Prosecutors say the scheme was designed so Miller would profit if the stock price rose, but it declined. Prosecutors say Miller falsely claimed he made a mistake in a client's order.
Miller's attorney declined to comment.
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