Securities trader David Miller has pleaded guilty to fraud after buying $1 billion of Apple stock without permission and bringing down his company. The 40-year-old purchased 1.625 million Apple shares on the day the Cupertino company reported its third-quarter results in October 2012, hoping that he’d be able to make a profit when the share price rose.
Instead, the share price fell and Miller’s gamble backfired, sending Rochdale Securities under.
The iPhone may be good for Sprint in the long run, but it just cost the carrier's CEO $3.25 million.
Sprint CEO Dan Hesse has handed back $3.25 million of his own salary in a bid to appease shareholders who have been upset by the carrier’s iPhone deal with Apple. Shareholders spoke out against the arrangement when it was discovered that Sprint did not consider the financial effect of carrying the iPhone when it calculated employee bonuses.
With $38.7 million in the bank, it's no wonder he's smiling.
Scott Forstall, Apple’s Senior Vice President of iOS Software, has sold 65,151 shares of his Apple stock — the equivalent of 95% of his stake in the company — for a staggering $38.7 million. He now owns just 2,988 Apple shares, worth around $1.8 million, but if he sticks around, there’s plenty more where they came from.