Former Rochedale Securities trader David Miller has entered a guilty plea in the U.S. Federal Court case charging him with wire fraud and conspiracy. Mr. Miller tried to game the system by using a client buy request to purchase about $1 billion in Apple stock for his own profit, but the scheme fell apart when it dropped instead of climbing as he expected.
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Greed can be amazingly expensive. In this case, it cost Mr. Miller his freedom, and put his employer out of business, costing other people their jobs, too. That, and now his family has to deal with his actions. Ouch.