Client orders 1,625 Apple shares, broker buys 1.6 million
Wednesday, December 5, 2012 8:13
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According to a federal criminal complaint filed Tuesday, David Miller thought he’d make a quick killing in Apple (AAPL) on Thursday, Oct. 25 — the day the company reported its fourth quarter earnings — by pretending to misplace a decimal point on a client’s order.
The client had asked Miller to buy 1,625 shares of Apple — worth about $1 million at the opening price of $620 a share. Instead, Miller bought 1.625 million Apple shares — a billion dollars worth — allegedly assuring his firm, Rochdale Securities, that the client was good for the money and would assume the risk.
http://tech.fortune.cnn.com/2012/12/05/rochdale-securities-apple-miller-fraud/
