A fraudulent US$1 billion purchase of Apple stock has resulted in the arrest of a Wall Street trader and the loss of US$5 million for his brokerage firm. According to the District Attorney's office in Connecticut, trader David Miller of Rochdale Securities hatched a plan to use the brokerage's money to buy 1.625 million shares of Apple stock on October 25. Miller was hoping to cash in big on a rise in Apple's stock after the company reported its Q4 2012 financials later that afternoon.
Miller's plan went awry when the stock fell and the brokerage started losing money. Miller allegedly tried to cover his tracks by falsely claiming he wanted to buy 1,652 shares for a customer, and accidentally entered the wrong amount. The brokerage w
