Trader Allegedly Attempted To Flip $1 Billion In Apple Stock With Firm’s Money, Plan Backfired

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http://techcrunch.com – A stock trader named David Miller with Rochdale Securities was arrested today on the grounds that he’d illegally purchased $1 billion in Apple stock, or 1.625 million shares, on the day Apple released its quarterly earnings in October. The idea was to do a quick sell-off when the stocks rose on Apple’s reported results, cash out and leave the firm’s cash reserves none the worse for wear. But that’s not what happened. Instead, Apple stock actually dropped following the reporting of results. Apple stocks went down after hours and opened lower the next day based on the fac (IT news)