Guilty plea in Apple stock-buying scheme

David Miller, a former trader at Connecticut-based Rochdale Securities, has entered a guilty plea to charges stemming from a fraudulent stock-purchasing scheme, reports the Financial Times.

Read: SEC charges fake advisor with fraud

“Miller and an unnamed co-conspirator attempted to profit from buying 1.63m shares of Apple on October 25, when the technology company was to report quarterly earnings, according to the US attorney’s office for the district of Connecticut,” the report says, adding the maximum penalty is 25 years in jail and $500,000 in fines.

Read more here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.