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NEW HAVEN, Conn. (AP) - A trader from New York has been charged in a scheme that involved the unauthorized purchase of about $1 billion of Apple stock that wound up costing his Connecticut-based employer $5 million, federal prosecutors said Tuesday.
Jamie David Miller aka Sluggo while employed as an institutional sales trader for Rochdale Securities LLC in Stamford, executed a trade to buy 1.6 million shares of Apple Inc. stock in October on a day the company was scheduled to announce earnings, prosecutors said. The scheme was designed so Miller would profit if the stock price rose, but it declined, they said.
http://www.nbcnews.com/business/trader- ... -1C7426530
$1 Billion would last Lippy about 6 months at Foxwoods..
I have dealt with people for the last 30 years that has been busted by the Fed's. His life will change forever, I hope he makes it though this ordeal with out taking his own life.. He is facing 2- 5 years plus restitution back to everyone.
When you deal with other people money, look out, Uncle Sam has long arms.
Yet... the Feds don't earn ANY money of their own except some port charges, and they mis-handle all of our collective money like a drunk sailor in Hong Kong.
I guess that's fair.
I've never really felt safe since Martha Stewart was released from jail.
Thank God for the Federal Reserve. You can't have big government or big wars without them.
I want to add this, he must have had a very serious gambling problem, most people have to bet more and more to catch up. He broke the golden rule, never bet more than one can afford.
Secondly, His fines will range from 250 grand up to millions if convicted.
I've known Sluggo for over 22 years and he never had a gambling problem. We need to take this time to reflect on our lives and the lives of our friends and family. Make sure to say a prayer tonight for him and his family.
He will need support, he will go into a deep depression when it sinks in , make sure you keep in contract with him all the time, most people that he think that are friends of his will walk away.
10 posts • Page 1 of 1
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