Holy Cow! According to the Financial Times a former trader at Rochdale
Securities was arrested by federal agents and charged with fraud after an
alleged attempt to profit from a $1 billion purchase of Apple stock, which
backfired and left the US trading group in distress.
David Miller, 40, surrendered to the Federal Bureau of
Investigation in Bridgeport, Connecticut and was charged with wire fraud
relating to transactions which took place on October 25 - the day Apple
reported its fourth-quarter results.
The criminal allegations state Mr Miller sought to
personally profit from trades that left the company holding more than 1.6
million Apple shares. In an attempt to protect himself against a fall in
Apple's shares, Mr Miller also allegedly engaged in a hedging strategy by
defrauding another broker…..
Read more at http://www.cnbc.com/id/100277719
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