Feds charge Apple stock trader in $1B wire fraud scheme

Charlie Osborne for ZDNet:

The Federal Bureau of Investigation (FBI) claims that the 40-year-old trader was part of a fraudulent scheme when employed as a trader for Rochdale Securities. In a “get-rich-quick” scheme, Miller allegedly orchestrated an unauthorized purchase of roughly $1 billion in Apple stock, which left his employer with severe financial losses.

Miller leveraged his firm’s money to buy 1.625 million shares of Apple stock on October 25th. Miller’s plan backfired when Apple stock dropped instead of rose. He claimed it was a simple data input error on his part, but investigators say that his actions show clear evidence of fraud.