Share “NY trader charged in Conn. with $1B Apple...”

NY trader charged in Conn. with $1B Apple scheme

Published on NewsOK Modified: December 4, 2012 at 4:03 pm •  Published: December 4, 2012

Miller was charged with wire fraud. His attorney, Kenneth C. Murphy, declined to comment Tuesday.

Authorities say Miller, who lives in Rockville Centre, N.Y., just east of New York City, duped another broker-dealer into taking on a significant short position in Apple stock. Miller convinced the broker-dealer to sell 500,000 shares of Apple stock, falsely claiming that he was trading for the account of a company with which he had no relationship and for which he was not authorized to trade, prosecutors said.

Miller engaged in that part of the scheme to hedge against the large purchase of Apple stock he was executing at Rochdale, prosecutors said. He placed the broker-dealer at risk of sustaining substantial losses, they said.

Miller, 40, appeared Tuesday in U.S. District Court in Bridgeport. He didn't enter a plea and was released on a $300,000 bond. He could face up to 20 years in prison if convicted.