Share broker’s employee charged in US with $1 bn Apple scheme

David Miller, a trader for Rochdale Securities orchestrated the unauthorized purchase of approximately $1 billion of Apple stock in a fraudulent get-rich-quick scheme that backfired. Miller cooked up a quick way to make money by purchasing 1.625 million Apple shares Apple with the brokerage’s money on October 25 this year, the same day that the iPad and iPhone maker was due to release their quarterly earnings, expecting stocks to rise. However, the purchase backfired, as Apple stocks fell, leaving Rochdale Securities with a serious problem.