NEW HAVEN, Conn. (AP) — A trader from New York has been charged in a scheme that involved the unauthorized purchase of about $1 billion of Apple stock that wound up costing his Connecticut-based employer $5 million, federal prosecutors said Tuesday.
David Miller, while employed as an institutional sales trader for Rochdale Securities LLC in Stamford, executed a trade to buy 1.6 million shares of Apple Inc. stock in October on a day the company was scheduled to announce earnings, prosecutors said. The scheme was designed so Miller would profit if the stock price rose, but it declined, they said.
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