Stock broker arrested on fraud charges involving Apple stock
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Stock broker arrested on fraud charges involving Apple stock


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."

 
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