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Thread: Man Charged in $1 Billion AAPL Trading Fraud

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    MMi Staff Writer Michael Essany's Avatar
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    Default Man Charged in $1 Billion AAPL Trading Fraud


    Although Apple itself has done nothing illegal in this matter, the company is seeing its brand take a beating in the headlines for little more than its connection to the fraudulent activities engaged in by a single Wall Street trader.

    Bloomberg confirms that an ex-trader with the firm Rochdale Securities LLC has been charged with wire fraud relating to an unauthorized $1 billion purchase of Apple stock. But when all didn't go as planned in the scam, the stunt cost his company $5 million.

    The trader in question is David Miller, 40. Miller surrendered to the FBI yesterday and was subsequently released on $300,000 bail.

    The Stamford, Connecticut-based brokerage has been struggling to survive and hold on to its staff after Miller’s trade, made about the time of the Cupertino, California-based technology company’s October earnings release.
    “As is so often seen in these types of cases, the alleged criminal conduct of Miller was for personal gain at the expense and detriment of others,” FBI agent Kimberly Mertz said yesterday in a statement. “Manipulating and orchestrating stock transactions in such a manner is a very serious criminal offense and its impact can be both devastating and lasting.”

    In case you're wondering, wire fraud could land you in the slammer for up to 20 years.

    Source: Bloomberg

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    Livin the iPhone Life
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    Company can come up with $5 million for the failed attempt plus post his $300,000 bail, the man has money hidden some where. Someone better keep an eye on him, probably disappears from U.S. and show up on a none extradition country and cashing out his foreign numbered account and living the good life.

  3. #3
    Quote Originally Posted by unison999 View Post
    Company can come up with $5 million for the failed attempt plus post his $300,000 bail, the man has money hidden some where. Someone better keep an eye on him, probably disappears from U.S. and show up on a none extradition country and cashing out his foreign numbered account and living the good life.
    I don't think you have to tell the FBI that.. When someone is on trial the FBI has legal rights to track their credit usage etc. they will know if he makes a remote attempt to leave. And they are obviously watching for the money if they haven't already found it..

    And it's not like the money is all cash he hid somewhere..

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