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Trader Pleads Guilty To Illegal Purchase of Nearly $1B In Apple Stock
An anonymous reader writes "A trader who last year made an unauthorized purchase of nearly US$1 billion worth of Apple stock has pled guilty to wire fraud, securities fraud and conspiracy. On October 25, 2012 — the same day Apple posted its Q3 2012 earnings — David Miller of Rochdale Securities made a number of unauthorized purchases of Apple shares which ultimately led to the demise of the financial services firm he worked for. The aim of Miller's action was to make a lot of money very quickly by purchasing large quantities of Apple shares and selling them in a post-earnings surge."
Is it worth throwing a minimum of 5-8 years of your life away for money?
Oh please, he's going to a white collar resort prison, not a federal pound-me-in-the-ass prison.
Somehow this is Tim Cook's fault. Steve Jobs would never have let it happen. Also it proves the inherent superiority of Android over the iPhone. I just haven't quite figured out how yet. I'm sure somebody will, though.
I think the amount of stock/transaction was unauthorized. There are usually safeguards in place so that a rogue trader doesn't purchase a gazillion dollars of stock that his company cannot cover. He worked with an accomplice to somehow get around those safeguards.
Well, there's spam egg sausage and spam, that's not got much spam in it.
I was going to suggest that the trader stick to frozen concentrated orange juice, but I see that it was down that day too, so it wouldn't have worked.
. What is the difference between an aggressive successful trader and a rouge trader?
Oh, I know this one!! The rouge trader has a pinker face.