Wednesday, May 1, 2013

Suspended Quad trader in probe over $1bn Apple order

A trader at a New York hedge fund was the customer in an unauthorized $1 billion purchase of Apple stock that led to the failure of a Connecticut brokerage, the Financial Times reported.  Quad Capital trader Harlan Sender was suspended from the firm after a probe of his Oct. 25 order was begun, the newspaper said. The transaction led to the guilty plea of former Rochdale Securities LLC trader David Miller.

Miller earlier this month pleaded guilty to conspiracy and wire fraud in connection with the trade. He also entered into a partial civil settlement with the U.S. Securities and Exchange Commission, the agency said. Miller, scheduled to be sentenced on July 8, faces as long as 25 years in prison.

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