Trader Pleads Guilty To Illegal Purchase of Nearly $1B In Apple Stock 174
An anonymous reader writes "A trader who last year made an unauthorized purchase of nearly US$1 billion worth of Apple stock has pled guilty to wire fraud, securities fraud and conspiracy. On October 25, 2012 — the same day Apple posted its Q3 2012 earnings — David Miller of Rochdale Securities made a number of unauthorized purchases of Apple shares which ultimately led to the demise of the financial services firm he worked for. The aim of Miller's action was to make a lot of money very quickly by purchasing large quantities of Apple shares and selling them in a post-earnings surge."
Re:So this is the plan... (Score:3, Interesting)
He almost recreated the business model of every large bank. The missing step is that when you have a loss, you then ask for a bailout because it will hurt the economy if you fail.