Man Pleads Guilty To Spending $1 Billion On Apple Stock & Bringing Down His Company

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This takes the total number of cases in Ireland to 24.
Photo: Cult of Mac

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.

Trader Fraudulently Buys $1 Billion Worth Of Apple Shares, Looks At 20 Years In Prison

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On the evening of Apple’s latest earnings call, David Miller, a 40 year old trader at Rochdale Securities LLC, had a great idea. Apple stock price always goes up after an earnings call, right? So what he would do is buy 1.6 million shares of Apple stock worth over $1 billion, then “flip” them the next morning when the stocks rose, pocketing a personal profit of millions of dollars.

A fine plan, don’t you think? There was only one problem: Apple stock actually went down the morning after the latest earnings call. Now Miller is facing 20 years in federal prison for wire fraud, and his trading company might be going under.