A trader at a
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
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.