The FBI has begun a probe of at least one trader at Rochdale
Securities for an alleged stock manipulation scheme, The Post has learned. The Stamford, Conn., broker dealer is
teetering on the brink of extinction, the result of an unauthorized $1 billion
purchase of Apple shares on Oct. 25, sources said. The trade of 1.6 million Apple shares was
made — instead of a client’s order of one-tenth that amount, or 160,000 shares
— to perpetuate the alleged stock manipulation scam, people familiar with the
matter said.
The Securities and Exchange Commission and Financial
Industry Regulatory Authority are also probing the matter, sources said.
While many details of the alleged scam are not yet known,
the trader who purchased the Apple shares in question has been identified by
sources as David Miller. Miller, a
20-year Wall Street veteran, has not been charged with any trading violations
or any crimes and it could not be immediately known if he is the subject of the
FBI probe or connected with the scam in any way. Miller, who typically focused on the
biotechnology sector, has not returned to work since placing the trade, several
sources said….. “He walked out the door the next day and never came back,” said
one person familiar with the situation…..
Read all about it at http://www.nypost.com/p/news/business/rogue_trader_probe_xlxvOYhOxKmaX9NVCZS3rN
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