Federal prosecutors say a trader from New York has been charged in a scheme that involved the unauthorized purchase of about $1 billion of Apple stock and wound up costing his Connecticut-based employer $5 million.
The U.S. attorney's office in Connecticut said Tuesday that David Miller was charged with wire fraud.
Authorities say Miller worked as an institutional sales trader for Stamford-based Rochdale Securities LLC. They say he executed a trade to buy 1.6 million shares of Apple Inc. stock on a day the company was scheduled to announce earnings.
Prosecutors say the scheme was designed so Miller would profit if the stock price rose, but it declined. They say Miller falsely claimed he made a mistake in a client's order.
Miller lives in Rockville Centre, N.Y., just east of New York City. His attorney has declined to comment.