Trader admits fraud in $1 billion Apple stock scheme

By Jonathan Stempel (Reuters) - A former Rochdale Securities trader whose unauthorized purchase of about $1 billion of Apple Inc stock caused the demise of the financial services company pleaded guilty on Monday to wire fraud and conspiracy. David Miller, 40, entered his guilty plea before U.S. Magistrate Judge Donna Martinez in Hartford, Connecticut. Miller faces a maximum 25 years in prison when he is sentenced on July 8, but under a plea agreement he could receive a term of five to eight years. The Rockville Centre, New York resident is free on bond. ...

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