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.