INVESTMENT BANKING | LEGAL/REGULATORY 2 Comments

BY SUSANNE CRAIG

A former trader at Rochdale Securities has been arrested and charged with fraud after his well-publicized purchase of $1 billion worth of Apple stock, a trade that put the firm in financial peril.

According to a criminal complaint filed Tuesday by the United States attorney for the District of Connecticut, the trader, David Miller, set out to defraud Rochdale when he began trading in Apple shares on Oct. 25, the day the big technology company reported its third-quarter earnings.

Mr. Miller told Rochdale that he was buying roughly 1.6 million Apple shares for an unnamed client. However, this client was looking to buy just 1,625 shares, leaving Rochdale liable for the rest.

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